Liverpool and Manchester United are reportedly in talks with other top clubs about joining a FIFA-backed European Premier League.
Sky News says financiers are putting together around €5billion to help create the new tournament.
Five English clubs could join, along with sides from France, Germany, Italy and Spain.
A start date of 2022 is being discussed – but nothing’s been confirmed.
News of the alleged 'Super League' comes less than a week after Premier League clubs voted against proceeding with Project Big Picture.
That proposal would have seen the English top flight's decision-making powers concentrated among an elite band of nine clubs.
Spanish publication Voxpopuli claim there would be a league of 18-20 teams, with sides playing each other on a home and away basis prior to a playoffs system to decide the winner.
The European Premier League would not be a breakaway entity from the participating clubs' home leagues, rather an accent to them.
Perhaps coincidentally, news of the proposed Super League has been leaked at the same time expansion of the Champions League is being considered.
Meetings will be held in the coming weeks about potentially ballooning the competition from 32 to 36 teams from 2024. The number of group games per team would increase from six to ten.
It's believed there are several investment banks and funding sources interested in the proposed European Premier League. The eventual winners could pocket €1billion, compared to the €111million awarded to Liverpool for winning the 2018-19 Champions League.