It is thought that up to six English clubs, three Italian sides and three Spanish teams have joined forces, with an announcement expected this weekend.

No clubs from Germany or France are involved, meaning reigning European champion Bayern Munich and last season's Champions League finalist Paris Saint-Germain are not included, though reports state the plan is for the competition to be expanded to 16-18 teams.

Manchester City, Manchester United, Chelsea, Liverpool, Tottenham and Arsenal are the Premier League teams said to have signed up, with Real Madrid, Barcelona and Atletico Madrid representing LaLiga.

Juventus, Milan and their city rivals Inter are the Serie A clubs in the fold.

It has also been suggested PSG refused an invitation to the new competition, while one of the counter-threats supposedly put forward by UEFA was said to be the exclusion of the 12 teams from its competitions.

The news of this move by some of Europe's biggest clubs comes just before UEFA is set to confirm its intentions to alter the format of the Champions League.

According to reports in The Daily Mail, the Super League is being financed by United States-based investment bank JP Morgan.

The Mail also claim Madrid president Florentino Perez will likely act as chairman of the competition, with the American owners of Liverpool, Manchester United and Arsenal – John W Henry, Joel Glazer and Stan Kroenke – acting as vice-chairmen. Juve chief Andrea Agnelli is to act as the fourth vice-chairman.