Sky News report that teams from Spain, Germany, Italy and France are also involved, with as many as five of 18 available places coming from England.
One of the Premier League’s ‘Big Six’ – Liverpool, United, Arsenal, Chelsea, Manchester City and Tottenham – would miss out based on these first proposals.
A provisional start date of 2022 has been suggested for a tournament which would usurp the Champions League, though Uefa’s involvement remains unclear.
JP Morgan is in talks to provide a debt package worth around £4.6 billion to help fund the European Super League, which has been mooted for many years.
The format would see a midweek league campaign played through before a knockout tournament to conclude the season, with hundreds of millions of pounds on offer in prize money.
The news comes just a week after the Liverpool and United-backed ‘Project Big Picture’ to shake up English football was quickly abandoned after a vote.