Football chiefs will discuss the spate of foreign takovers with Sports Minister Richard Caborn on Wednesday.
Caborn's claims of any such meeting had initially been played down.
But two Football Association directors, Premier League chief executive Richard Scudamore and Football League chairman Lord Mawhinney will now meet Caborn.
Caborn also wants to investigate the 'fit and proper person test' used for club owners and directors.
The sports minister's call for a summit comes after former Thailand prime minister Thaksin Shinawatra - dubbed "unsavoury" by an MP in parliament - is set to take over Manchester City.
Caborn said: "I think foreign investment has helped the Premier League, it's the best in the world, but I think we have to stop it becoming a billionaire's playground.
"As always, the Premier League are happy to work across Government with whoever the appropriate ministers may be in coming weeks"
"We have to ensure the grassroots and communities from which those clubs came, are respected."
The summit will also investigate the effectiveness of the 'fit and proper person test' for club owners currently used by the leagues and the FA.
Caborn did not mention any clubs specifically but the ownership issue has been highlighted by the takeover of Manchester City.
Thaksin has been charged with corruption offences in Thailand and had his assets in that country frozen.
The Premier League insists it has no issue with nationality of club owners.
But the League will use the meeting to try and make it easier to carry out 'fit and proper person' checks through government departments such as the Department of Trade and Industry, and the Foreign Office.
The meeting may turn out to be Caborn's last action as Sports Minister as new prime minister Gordon Brown is expected to replace him in a Government reshuffle.
A Premier League spokesman said: "Our own 'fit and proper persons test' sits on top as an additional layer of regulation.
"As always, the Premier League are happy to work across Government with whoever the appropriate ministers may be in coming weeks."
If and when Thaksin's takeover is complete, it will mean six out of 20 Premier League clubs are in foreign hands.
A number of other clubs including Arsenal and Blackburn are also provoking interest from overseas.
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