Whelan, who took 10 years to take his club from the bottom division to the top flight, has encouraged the Magpies not to give up on their dream.
He said: "It has cost me around £100million to get Wigan to where they are in the Premier League.
"It will cost them £20million to £30million just to build a team that is capable of challenging for the Premier League.
"Then you need to build the infrastructure of the club, the stadium and training ground.
"You have to show determination and courage. I never thought about giving up. You can't give up. You have to believe that you can get there.
"I wish them good luck in finding the money. Having Sven Goran Eriksson here will be a help of course.
"They are the oldest club and can be a big club again."