The FIA announced in December that a cost cap will be introduced in Formula 1 from the start of 2015 in an attempt to stabilise and eventually lessen the amount of spending required in the sport.
The cost cap, which is to be initially set at $200 million, is likely to be difficult to enforce, leading Ecclestone to propose a rewards system.
"The plan under consideration is to give €1 million to any whistleblower whose knowledge is proved to be accurate," Ecclestone told The Daily Express.
"We will then say to the team that the following year you will lose three of the maximum points you have scored. Then let’s see if they want to cheat."
Ecclestone added that the reward would be paid to anyone, not just Formula 1 personnel.
Ecclestone said that while the budget cap will happen, there are still details to finalise.
"We have approved the budget cap. It is going to happen. Everyone agreed to $200 million."
"What hasn’t been agreed is what is in the $200 million. Unless we include everything, I am sure people will find ways around it. It’s going to be difficult."