Chief executive of the League Managers Association, Richard Bevan, revealed that this new system could be implemented if a number of foreign owners agree.
The Malaysian businessman was rumoured to be interested in the notion. However, Fernandes has said that the potential new system would 'never be accepted'.
"That was news to me," talkSPORT quotes Fernandes as saying. "Having followed football all these years I don't think that makes sense.
"It's not right that the clubs become exclusive, there are many pedigree sides that deserve to be in the Premier League, such as West Ham, and they shouldn't be blocked from promotion.
"There was no discussion with myself and I don't think that would ever be accepted by the footballing community."