Liverpool and Manchester United are reportedly in talks with FIFA about forming an 18-team European Premier League.

The news comes just on week after the two clubs saw their Project Big Picture proposal rejected by the rest of the top flight in England.

Now, as reported by Sky News, financiers are currently putting together a $6 billion funding package which will allow for the creation of this super league.

As many as 12 teams across England, France, Germany, Italy and Spain are said to be negotiating a deal which would see them become founding members of the new cross-nation competition.

It is also thought that FIFA have been involved in developing the format, which would go ahead during the normal domestic season.

The top-placed teams in the European Premier League would face off at the end of the tournament in knockout-style ties to determine the overall champion.

The list of 18 teams has not yet been confirmed, however one source believes an official announcement about the plans could come as soon as the end of October.