Talks have started over the creation of a new £4.6 billion ($5.95bn) European Premier League that reportedly has the backing of football's world governing body Fifa.
English Premier League clubs Liverpool and Manchester United are said to be in talks to be a part of the new competition that would replace the Champions League.
According to Sky News, more than a dozen teams from England, France, Germany, Italy and Spain are in negotiations about becoming founder members of the new format.
It has been reported that the league would be made up of 18 teams, with fixtures being played during the regular European season.
Wall Street bank JP Morgan are said to be in talks over debt financing for the competition, to be repaid from future broadcast revenues.
There has been no comment yet from Fifa or European football's governing body Uefa, whose club competitions would be jeopardised by such a competition.
Back in December, Uefa president Aleksander Ceferin said plans for a global league which emerged at the time were "far-fetched" and "insane".
The news comes just over a week after details emerged of Project Big Picture, a series of proposals developed by the north-west rivals and publicly endorsed by English Football League chairman Rick Parry.
The proposals contained an immediate £250m rescue package for EFL clubs affected by the coronavirus pandemic and a 25 per cent share of future Premier League broadcast revenues, but was controversial because it sought to concentrate greater power in the hands of the league's so-called 'big six' clubs.
The Premier League rejected PBP at a clubs' meeting last Wednesday, with the clubs instead committing to continue a strategic review on a wide range of league governance issues.