Liverpool and Manchester United are reportedly in talks to quit the Premier League and join the biggest clubs in Europe in a new competition.
The Fifa-backed European Premier League plan currently has a dozen teams from England, France, Germany, Italy and Spain in negotiations about becoming founder members of the competition, according to Sky News.
As many as five English clubs could sign up to join it (the likes of Arsenal, Man City, Chelsea and Tottenham would be leading candidates), with a provisional start date said to have been discussed as early as 2022. There would be 18 teams in total.
Sky News says that financiers are putting together a $6bn (£4.6bn) package to fund the creation of the new league.
It is reported that the league would feature 18 teams, with fixtures being played in midweek during the regular season.
A source told Sky News that this was "potentially the most important development in world club football for decades".
This latest development comes after Project Big Picture - proposals to restructure English football, backed by Man United and Liverpool - were abandoned last week.
