According to Sky Sports, talks are currently in place about creating a new FIFA-backed tournament that would reshape the sport’s global landscape.
The report claims financiers are putting together a $6bn (£4.6bn) package to fund the creation of what could become known as the European Premier League.
More than a dozen teams from England, France, Germany, Italy and Spain are in negotiations about becoming founder members of the competition.
Manchester United and Liverpool are reportedly in talks about joining the new league which would feature 18 teams, with fixtures being played in midweek during the regular season.
Up to five English clubs could be involved, with Arsenal, Chelsea, Manchester City and Tottenham Hotspur named as potential candidates.
A provisional start date of 2022 has apparently been discussed.
Each of the founding teams is expected to earn fees of hundreds of millions of pounds to participate, with clubs such as Manchester United and Real Madrid receiving the biggest sums for joining.