Because such a thing would go against EU law, I dont believe that Fifa could impose such a law. As in the Football League it would have to be voted in by clubs, probably unanimously. It would be ok if it were opposed by a minority of smaller clubs in the Premier League because they dont really have a voice, but if the big 4 opposed, then it just couldnt happen.
Such a ruling would have to be imposed across Europe as well for the English clubs to ever consider accepting it. I think a better move than this would be to introduce a salary cap across Europe. Such a cap would only affect the top clubs and would just level the playing field a little.
It would certainly halt the billionaires in their tracks, because you just cant buy a squad like Chelsea or potentially Man City. Would just be more teams to share the top players around. Would certainly make for some interesting stuff. It works in many other sports, so why not our game?