Platini is trying to gather support for a nine-plus-nine system, where at least half of the players in an 18-man match-day squad would have to be 'home-grown'.
Currently, a minimum of eight players in a club's 25-man squad registered for European competitions have to be home-grown. The European Commission have already blocked FIFA president Sepp Blatter's attempt to limit the number of foreign players in a team to five, but Platini said the new proposal could work.
Platini said: "We understand the Commission's position but still want to try to protect the local identity of clubs. We have studied this more carefully and have now come up with the idea of nine-plus-nine.
"But before we propose this to the commission, we have to make sure the whole football family support it."
That may not be easy - European Clubs Association chairman Karl-Heinz Rummenigge is understood to be against the plan.
Platini also warned that the financial problems of European clubs were worsening.
He said: "I can see lots of red lights flashing and I am afraid for the future of football which is going pear-shaped in some areas.
"Perhaps I am being alarmist, but we have to face up to match-fixing, corruption, illegal betting, violence on the pitch, racism and hooliganism. Of course there are many good qualities and values about football, but we ignore the problems at our peril.
"I am very worried when players are going on strike in Spain and Italy because they are not being paid properly by their clubs."
Speaking two days after Turkish champions Fenerbahce were kicked out of the Champions League because of a match-fixing investigation, Platini said such threats were undermining the game.
He added: "When I was a player, they loved me in Fenerbahce, but if I went back there now they would hang me.
"But if you have match-fixing and the result of the game is known before it is played, what is the point of going to the match?"
UEFA general secretary Gianni Infantino confirmed that they would be studying all sponsorship deals of clubs in European competition to make sure they were not attempts to circumvent new financial fair play rules.
Clubs will only be permitted to spend what they earn, but Manchester City's recent deal with Etihad Airways, understood to be worth £350-400million, has raised questions over income from sponsors who are closely tied to owners.
Infantino said a special group of experts would be recruited to ensure such sponsorship deals reflected actual market values.