Liverpool are one of 10 other clubs to be in discussion over a new European Super League that will begin in 2021.
The five big teams from England will join 6 other European clubs to be the founding members of the league, with another five teams being ‘initial guests’ to a 16-team competition.
The 11 founder clubs will be guaranteed membership for 20 years, whilst there will also be a second league under the European Super League.
Teams will be able to gain promotion from the second division, but may have to play a series of knock-out games to earn promotion - but only at the place of the ‘initial guests’.
The league is set to be two-phased, with teams competing in both group fixtures and knockout rounds.
The move to a Europe-wide league would be a big threat to the future of both the Premier League and Champions League, plus other big domestic leagues.
It is calculated that each of the clubs could receive annual revenues of '£440m or above'. To put that into perspective, Real Madrid received around £80m for winning the Champions League.
The terms are not yet set but clubs have a specific date in November 2018 to sign a binding agreement that would allow the league to form.
The 11 original members will organise and control the European Super League by registering a joint company in Spain. Real Madrid will possibly hold an 18.77 per cent ownership stake according to the documents.
Barcelona will own 17.61 per cent, Man United 12.58 per cent and Bayern would be the fourth largest shareholder at 8.29 per cent.
It’s not known how much of an ownership stake Liverpool would own in the potential European Super League.
Dortmund chief executive Hans-Joachim Watzke was contacted over the reports and claimed he would not let his club leave the Bundesliga but confirmed: “I also believe that a few of Europe's large clubs are clearly working on it.”
This is a breaking story and more is expected over the next few days and weeks.