A letter from Arsenal, Tottenham, Manchester United and Liverpool to league chief executive Richard Scudamore calls for full spending controls - where clubs must break even - without wealthy owners being allowed to cover clubs' losses.
Manchester City and Chelsea are opposing any spending controls being brought in but it is likely the 20 clubs will agree on a compromise at their meeting next month, which will allow a fixed amount of losses to be covered by owners.
The letter from the four clubs, reproduced in the Daily Mail and confirmed by the Premier League, states: "Thank you for your continued work on the vital subject of Financial Regulation for the Premier League.
"However, we do not feel that the latest proposals go far enough to curb the inflationary spending which is putting so much pressure on clubs across the entire league.
"We continue to believe that to be successful and have the best chance of gaining at least the 14 votes necessary, any proposals for Financial Regulation must include meaningful measures to restrict the owner funding of operating losses."
West Brom and Fulham also oppose any spending controls, while the remaining 12 favour some form of compromise solution.