Manchester United, Chelsea, Arsenal, Liverpool and Manchester City officials all met at London’s Dorchester Hotel yesterday, according to The Sun.
They held talks with American billionaire Stephen Ross - the owner of the Miami Dolphins - which went on for several hours.
United supremo Ed Woodward, Chelsea chairman Bruce Buck, City's chief executive Ferran Soriano, Liverpool's Ian Ayre and Arsenal chief executive Ivan Gazidis all emerged from the meeting with big smiles on their faces.
The proposed competition would see the top teams across Europe competing and would cut the risk of them potentially losing millions by not qualifying for the Champions League.
With the likes of Leicester and Tottenham flying high in the Premier League this season, guaranteed income would be welcomed by the likes of United, Chelsea and Liverpool in particular.
Arsenal and City are keen to be involved because of the huge amount of cash involved while Liverpool are enthusiastic about the idea as they have struggled to make it into the Champions League in recent seasons.
The reports claim the proposal could be the biggest threat to English football since the formation of the Premier League.
American Ross hopes to have an agreement in place to launch the league shortly.
He would guarantee more money for England's top clubs and it would mean they would have no reason to worry about Champions League qualification in the future.
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