Liverpool and Manchester United are among a clutch of European giants in talks to form a new European Super League, backed by FIFA.
The two Premier League juggernauts are two of more than a dozen clubs across the continent in negotiations to become members of the competition.
It could get off the ground as early as 2022 and would see fixtures take place during the regular football season, report Sky News.
Wall Street bank JP Morgan are reportedly ready to provide £4.6bn of debt to finance the launch, with the funds to be repaid from future broadcast income.
Arsenal, Chelsea, Manchester City and Tottenham are also understood to have been approached over the plans, but only five English sides are expected to feature.
Other likely entrants are Real Madrid, Barcelona, Atletico Madrid, Paris Saint-Germain, Juventus and Bayern Munich.
If the competition were to get off the ground and Europe's biggest clubs backed it, it would spell an uncertain future for the Champions League.
UEFA had planned to expand Europe's current premier club competition in 2024.
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Although the tournament would likely mean a minimum of 30 matches for each club, it is not considered to be a breakaway league, with clubs continuing to play in their domestic competition.
It comes after Premier League clubs blocked the controversial Project Big Picture proposals put forward by Liverpool and United in conjunction with EFL chief Rick Parry.
Talks over the creation of the European Premier League are said to have been ongoing for more than a year, although a potential restructure of top-level football has been hastened by the coronavirus pandemic.
Liverpool legend Jamie Carragher has been among the first high-profile figures to react to the reports, simply tweeting: "Oh f*** off."
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