Arsenal one of the big clubs associated with the new European Premier League | OneFootball

Arsenal has been approached by organisers of a new European Premier League about their participation in the FIFA backed tournament that might overshadow the Champions League.

Just a few days ago, Premier League clubs had to deal with rejecting a new league format championed by Liverpool and Manchester United called Project Big Picture.

Both Premier League giants have been involved in the European Premier League as well as they look to form a new competition.

Sky Sports claims that as much as £4.6 billion is being put together by financiers to help bring the European Premier League to reality.

Arsenal is one of the top six teams in England that have been approached alongside teams from Germany, France and Spain.

These teams have been approached already and are currently in talks to become founding members of the competition.

The report adds that as many as five Premier League teams are expected to be signed up when the competition kicks off, as early as 2022.

The teams will face each other in two-legged fixtures like the current Champions League and the top sides will play for the money in a knockout format.