Talks have taken place over the creation of a new £4.6bn European Premier League, involving the top sides from across the continent.
Sources told the BBC that discussions are still at an early stage but the plan would involve replacing the Champions League with a new format.
Industry insiders confirmed talks involved Wall Street bank JP Morgan.
But the project is said to still have a “long way to go” and the deal “may not happen”.
Reports suggest five Premier League clubs, including champions Liverpool and Manchester United, have been approached by those behind the plan with more than a dozen teams from England, France, Germany, Italy and Spain in negotiations about becoming founder members of the competition.
It has also been reported that the European Premier League would see 18 sides compete in a single league with the top sides taking part in a play-off to determine an overall winner and that world governing body Fifa is involved.
More to follow.