A 30% cut in Notts' wage bill is part of a five-year business plan submitted to its mortgage lenders as Notts aim to come out on administration before Christmas.
The wage cuts are likely to begin next summer, though the squad size is likely to remain the same.
Notts chairman Albert Scardino told the Nottingham Evening Post:
"That is purely because of the state of the market.
"We are anticipating that wages across the whole country will drop come the end of the season." he added.
Notts won't make a decision on who is to stay for some time yet, likely to be the end of the season but the players will have to be willing to drop their wages, which in current football climate could be the best option for them or they could end up without a club.
"There will be players we want to keep, but they are going to have to be realistic." The Notts Chairman added.