I dont think it would work. UEFA used to have a similar rule in the 90's but it was struck down by the European Court of Justice. Its called the Bosman ruling.
"Pre-Bosman, clubs were limited in the number of foreign players they could sign.
In European competitions, Uefa regulations decreed that clubs could field only three foreign players plus two "assimilated" players who had come through their youth set-up.
Post-Bosman, clubs could sign any number of players from European Union countries.
That made possible the phenomenon of clubs fielding teams without a single player from that country.
Without the Bosman ruling, Chelsea and Arsenal could never have fielded teams without a single British player, as both have famously done."
After watching todays FA match between Chelsea and Man city (Grear match BTW) i noticed chelsea had about only one english player on the pitch. Are there any regulations on how many foreign players you can play? I