"There's no point in English football earning 1.4 billion pounds from television 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, who is also chairman of the European sports ministers, said he planned to invoke the Treaty of Nice which is intended to prepare the European Union for enlargement. The Treaty came into force on February 1, 2003.
"The Nice agreement provides the provision to allow us to change the law and introduce salary caps," he said.
"We are working on an agreement whereby all parties sign up to it and UEFA are leading this inquiry into the game, which ensures that we are moving towards a proper conclusion.
"We shall report back in June and I think that we can have a positive agreement by then."