Widespread reports emerged claiming that 12 clubs – including the Premier League's "big six" – are set to announce the new competition.
Manchester United, Manchester City, Liverpool, Tottenham, Chelsea and Arsenal are said to have been joined by teams from Italy and Spain in backing the plans.
In response, UEFA vowed to do everything in its power to block the proposal, and urged others to boycott what it described as a "cynical project founded on the self-interest of a few clubs".
One of the sanctions being considered by European football's governing body is to suspend the 12 teams from UEFA's club competitions.
The Premier League subsequently backed up UEFA's statement, confirming its opposition to the proposal.
A statement issued on the competition's official website read: "The Premier League condemns any proposal that attacks the principles of open competition and sporting merit which are at the heart of the domestic and European football pyramid.
"Fans of any club in England and across Europe can currently dream that their team may climb to the top and play against the best. We believe that the concept of a European Super League would destroy this dream.
"The Premier League is proud to run a competitive and compelling football competition that has made it the most widely watched league in the world. Our success has enabled us to make an unrivalled financial contribution to the domestic football pyramid.
"A European Super League will undermine the appeal of the whole game, and have a deeply damaging impact on the immediate and future prospects of the Premier League and its member clubs, and all those in football who rely on our funding and solidarity to prosper.
"We will work with fans, The FA, EFL, PFA and LMA, as well as other stakeholders, at home and abroad, to defend the integrity and future prospects of English football in the best interests of the game."
This is not the first time this season that plans have been put forward to change the face of the game.
Late last year, the owners of United and Liverpool proposed a reformatting of the English game, dubbed "Project Big Picture" which, among other items, included handing more power to a select few teams in the top flight.
It was instantly dismissed by other Premier League clubs, with accusations that it was a blatant "power grab" in the wake of the COVID-19 pandemic's impact on football.
United and Liverpool's American owners are reported to have been instrumental in the European Super League proposition.
Real Madrid president Florentino Perez is reportedly set to be chairman, with John W. Henry (Liverpool), Joel Glazer (United) and Stan Kroenke (Arsenal) acting as vice-chairmen, alongside Juventus chief Andrea Agnelli.