The letter, which is is believed to have been signed by 37 of the 47 clubs in League One and League Two, was created by Mansfield Town chairman John Radford, following several conference calls between senior club officials from sides in the third and fourth tiers of English football.
It is understood that Saddlers chairman Leigh Pomlett is one of ten club chairmen not to have signed the letter, however, the club remains part of the 'ongoing discussions' which could ultimately see salary caps introduced for the upcoming campaign.
The Saddlers have not played since they defeated Exeter City by three-goals-to-one on Saturday, 7th March as all games continue to be indefinitely suspended due to the ongoing coronavirus outbreak.
Whilst doubts have been raised as to whether the current campaign will actually be finished the EFL's official position remains to finish the season when it is safe to do so and, following an EFL board meeting earlier this week, the majority of clubs in the bottom two tiers support this position.
Despite the apparent agreement, it is also understood that the majority of clubs want the season to end no later than Friday, 31st July as current contracts allow for an 'additional severance payment' if out-of-contract have been unable to secure a new club.
The letter sent to the EFL stated; "The clubs are committed to wage caps for the 2020/21 season and beyond. This recognises that revenue in 2020/21 is likely to be reduced by as much as 50 per cent.
"The clubs want to urgently look with the EFL into creative ways of setting the wage cap, which guarantees the long-term future for all EFL clubs. This is not a list of demands but is the desired direction of travel from the clubs."