Liverpool are one of the clubs being invited to a new 24-team Club World Cup that Federation Internationale de Football Association want to hold every four years, starting in 2021.
According to the report, UEFA are allegedly furious with the plans, as it would detract from their main earner, the Champions League.
The new competition would see the scrapping of the current Club World Cup, held annually in December, along with the Confederations Cup which is held in the summer prior to a World Cup.
In the report it's added half of the teams involved would be from European football, with the criteria for invitation that the club has won the European Cup on three or more occasions.
Europe's top domestic competitions, including the English Premier League and Spain's La Liga, have also opposed FIFA's plans.
It is reported that Fifa's proposal would see the 24 participating clubs split US$2 billion in prize money, with each club earning a minimum of UK£50 million (US$67.4 million) and the champion pocketing as much as UK£100 million (US$134.8 million).
It is hoped the competition will begin in 2021 and that China are keen to host the inaugural edition of the tournament. It is not clear which clubs from other continents might be invited to take part. Sponsors from the United Arab Emirates, Japan and Saudi Arabia would reportedly bankroll the winnings.
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