Sports Minister Richard Caborn is seeking to introduce a cap on footballers' wages throughout Europe.
The chairman of European Sports Ministers also wants controls on agents and an investigation into money laundering in football.
"There's no point in English football earning £1.4bn from TV contracts when most of it goes on players' wages," Caborn told the Daily Express.
"We need to have restrictions on salaries and controls on agents."
Caborn added: "We need to look into aspects of the game including money laundering."
The British MP is planning to invoke the Treaty of Nice, which allows for sport to be a special case, with regards to wages.
"The Nice agreement provides the provision to allow us to change the law and introduce salary caps," he added.
"We are working on an agreement whereby all parties sign up to it and Uefa are leading this enquiry into the game, which ensures that we are moving towards a proper conclusion.
"We all want to confront the issue of the amounts of money going into salaries.
"But equally we want to ensure that it is fair across the board, that it is the same for Manchester United as it is for Barcelona and that can only be achieved on a European level.
"We shall report back in June and I think that we can have a positive agreement by then."