Premier League clubs will ask players to take a 30% pay cut in order to protect jobs as it was announced the season will not resume until "it is safe and appropriate to do so", reports BBC Sport.
All clubs have agreed to put the proposed "combination of conditional reductions and deferrals" to players.
The Premier League will also give £125m to the EFL and National League, plus £20m to the National Health Service.
Clubs still intend on completing all league and cup fixtures.
"Any return to play will only be with the full support of government and when medical guidance allows," the Premier League said.
"It was acknowledged that the Premier League will not resume at the beginning of May - and that the 2019-20 season will only return when it is safe and appropriate to do so."