Chelsea are remaining tight-lipped on Uefa proposals to curb Blues owner Roman Abramovich's spending power.
Lars-Christer Olsson, chief executive of European football's governing body, said: "Prolific spending could be banned but it needs a lot of thinking.
"To tackle it you have to agree within the European community that this is unfair competition. Chelsea is a special case."
A Chelsea spokesman said: "We have no comment to make on this."
Uefa is looking to mobilise the European Union in a sweeping reform of the way professional clubs are licensed.
It claims the new system will ensure fairness in all competitions, with clubs responsible for raising their own income and not relying on the bounty of rich benefactors.
Olsson admitted he was reluctant to single Chelsea out, but said: "There is no other club in Europe like them at the moment.
"Is it fair competition? It is very unfair for clubs who don't have a benefactor like this and who have to live within their means."
We are taking these proposals to the European Union to change the legislation
Uefa chief executive Lars-Christer Olsson
"I am against a salary cap, but not against a relationship between the wage bill and the earned income.
"We are taking these proposals to the European Union to change the legislation."
Some of Uefa's proposals feature in the Independent Review of European Sports, instigated by Britain's Sports Minister Richard Caborn.
One of the review's main concerns is the source of revenue being ploughed into some European clubs.
Olsson said: "For us, it's even more important to know whether the money is coming from the right sources.
"Our policy is there has to be a transparent accounting system so you can see where it comes from."
Although Olsson singled out Chelsea, his comments are unlikely to find favour among Europe's other elite clubs.
AC Milan and Real Madrid are thought to have matched Chelsea's spending in previous years in their pursuit of European football's top club prize.
BBC Sport understands clubs are largely dismissive of Olsson's remarks, seeing them as the opening shots in the pre-election campaigning.
Former France international cult hero Michel Platini will attempt to unseat incumbent Uefa president Lennart Johansson in the elections in January.