Footballers' wages have increased alarmingly over the past decade, with Chelsea having contributed to the mega deals following Roman Abramovich's takeover.
Abramovich has scaled back his spending more recently and Manchester City have subsequently become the Premier League's leading spenders.
And, during the past week, Wayne Rooney secured a significant pay rise by agreeing a new five-year contract at Manchester United after initially stating he would not sign an extension.
Uefa is taking steps to curb the spending by introducing their Financial Fair Play regulations from the 2013-14 season, which will see clubs required to achieve break-even status or be excluded from European competition.
Blues owner Abramovich is a supporter of those regulations and the Premier League champions would also back a limit on wages.
However, Buck voiced fears over players moving to countries outside of the cap and stressed that any such rules must leave a level playing field across the continent, if not the world.
"We would seriously consider a wage cap. It has to be properly implemented," the American told the Sunday Times.
"I'm not even sure that Europe-wide is enough. Look what happened with cricket and the IPL (Indian Premier League): the best players are going to go where they can make the most money.
"We have many of the best players in England and we do not want to see them go elsewhere."
Barclays Prem Winner 10/11 Win Outright: Chelsea 8/15
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