The league's top executives have produced a discussion paper on financial controls for the chairmen to consider which could eventually lead to clubs being forced to break even every year - or face sanctions. It would mean a serious blow to clubs such as Manchester City and Chelsea who have returned significant losses in recent years.
Whelan said measures to cut spending were needed urgently, while Manchester United originally sparked the move at the league's meeting earlier in the summer. No decision will be made on any measures at today's Premier League shareholders meeting.
Instead two groups of 10 clubs, each with clubs mixed up to reflect size and region, are to be formed to discuss the options in more detail.
Wigan have operated at a loss in recent years - the Latics returned a net loss for the year ending May 2011 of ?7.2million - but even Whelan is in favour of the controls.
Whelan told Press Association Sport: "This proposal has come from Manchester United - I think City haven shaken them up a little bit - but I think there should be some controls on spending. Some clubs are spending way more than they can afford and get into trouble - look at Portsmouth.
"The Premier League is so big and powerful and there is so much money around that the clubs try and chase it. Something has to be done so we will support these measures."
United's chief executive David Gill has been one of the driving forces behind European clubs accepting UEFA's financial fair play rules for clubs in the Champions League and Europa League to only spend what they earn, and he wants the Premier League to follow suit.
Some 12 of the 20 top-flight clubs ended the 2010/11 season in the red with Manchester City's losses of ?197million dwarfing even Chelsea's ?68million and Liverpool's ?49million.
Critics of financial fair rules argue that it will forever favour those clubs such as Manchester United and Arsenal who make a profit and rule out wealthy benefactors such as Roman Abramovich and Sheikh Mansour putting money into clubs.