Liverpool and Manchester United, whose proposal of "Operation Big Picture" was rejected by the Premier League, have come up with an even bigger plan - to establish a "European Premier League," according to Sky Sports.

Mark Kleinman of Sky Sports reported that the new league will include as many as 18 top European clubs including Arsenal, Manchester City and Chelsea. The English top league was said to have five candidates and it's unclear which of the "Big 6" will be left behind.

Kleinman said that the financiers are trying to raise a $6 billion funding package and are negotiating with JP Morgan. FIFA reportedly backed the plan but has denied any involvement.

"FIFA does not wish to comment and participate in any speculation about topics which come up every now and then and, for which, institutional structures and regulatory frameworks are well in place at national, European and global level," said a spokesperson of the global football governing body.

Kleinman's source described the plan as "potentially the most important development in world club football for decades."

If the reports about the plan are true, in order to compete with the UEFA Champions League, which is also the most valuable football event in the world, the European Premier League will offer hundreds of millions of pounds of fees for founding teams. Its games will take place during the seasons of other national leagues and each team will play at least 30 games on a format of round-robin home and away fixtures. Again, no details have been confirmed yet.

UEFA, which understandably does not like the idea of Super League, told Sky Sports they are against any proposals for a European league and the proposal is nothing but "boring."

"The UEFA President has made it clear on many occasions that UEFA strongly opposes a Super League. The principles of solidarity, of promotion, relegation and open leagues are non-negotiable. It is what makes European football work and the Champions League the best sports competition in the world," said a UEFA spokesperson.

"UEFA and the clubs are committed to build on such strength not to destroy it to create a super league of 10, 12, even 24 clubs, which would inevitably become boring."

Former English national team member Gary Neville, who works as a pundit of Sky Sports, called the idea "another wound for football."

"It doesn't feel like the right time to be talking about this," said Neville.