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Manchester United and Liverpool are discussing a plan for a new FIFA-backed tournament for Europe's biggest soccer clubs called the European Premier League, according to Sky Sports. In a competition that could forever alter the sport in Europe, there would be a $6 billion funding package to help create the competition, which could start as early as 2022. The clubs nor FIFA have publicly announced any plans. 

The competition would involve over 12 teams from England, Spain, Germany, Italy and France -- which are the five biggest leagues in Europe. Potentially five Premier League teams could join, and the plan would be to have 18 total teams and would involve playing during the regular European season. It is unclear if this competition would impact the big clubs' participation in the UEFA Champions League. 

Clubs that have been approached about joining include Arsenal, Chelsea, Tottenham and Manchester City. 

Recently, plans backed by Liverpool and Manchester United that were reported by The Telegraph showed potentially reducing the Premier League to 18 teams and changing the various competitions in the country, though that was quickly rejected. So now, the big modification could come on the continental stage. 

If this plan were to be implemented, it would create something of a more elite-type Champions League only involving the best of the best and rejecting the Cinderella stories we've seen in recent seasons, like from Atalanta and Ajax. 

CBS Sports will have more on this topic as more information becomes available.