The Dons were already paying the third most in the league to their players with an annual cost around the £15 million mark.
Seven new players have been recruited this summer as manager Stephen Glass looks to shape the squad in his own image after being appointed successor to Derek McInnes towards the end of last season.
And Aberdeen’s chairman wants to continue investing as he seeks to pull away from the other contenders as Scotland’s third force and cut the gap to the Old Firm.
Cormack told the Unmodern Man, he said: "Everybody knows the £60-80m a year that Celtic and Rangers are paying in wages and we’re certainly the third highest.
"As we mentioned before we started recording, our wage bill this season with the squad we’ve got is going to be higher than last season."