Dyke raised the thorny issue of the number of overseas players in the Premier League in his keynote speech in London last month to mark his arrival as Football Association chairman.
Whilst the move has been welcomed by many, the Premier League are yet to respond, and the feeling is club might not take too kindly to the potential for restrictions being placed on their squads.
But with barely 30 per cent of Premier League players now English, former Manchester United chief executive Gill believes something has to be done.
"Having a very successful England team and a very successful Premier League are not mutually exclusive," he said.
"We have to look at where we want to be in five or 10 years time.
"We have to analyse that and make decisions now."
Gill cites the example of United is one to follow, although some may argue it is not possible to acquire the same amount of quality across 20 top flight clubs as they have managed.
"I hope we can reduce the number of foreign players," he said.
"I look at the philosophy of Manchester United because we really followed that course of action.
"We are always very interested in giving young players a chance and also buying young English players, we have done that with Nick Powell, Phil Jones, Chris Smalling, Wilfried Zaha.
"We developed our own players; (Danny) Welbeck and (Tom) Cleverley have broken in.
"It is a complex issue. Other clubs may have slightly different philosophies but, I believe, for the good of the English game Greg has started a debate.
"We can't bury our heads in the sand and think it is going to turn around without a lot of hard work, analysis and compromise."