Bernd Reichart, the chief executive of A22, an organisation established to sponsor and support the establishment of the Super League, has proposed a new multi-divisional format for the competition, which could consist of 60-80 teams.
Since October of last year, A22 has met with roughly 50 European teams.
Reichart told the German newspaper Die Welt that the competition would be solely based on sporting performance and there would be no permanent members.
Every team would play at least 14 matches per season.
"The foundations of European football are in danger of collapsing. It's time for a change. It is the clubs that bear the entrepreneurial risk in football. But when important decisions are at stake, they are too often forced to sit idly by on the sidelines as the sporting and financial foundations crumble around them," Reichart said.
"Our talks have also made it clear that clubs often find it impossible to speak out publicly against a system that uses the threat of sanctions to thwart the opposition.
"Our dialogue was open, honest, constructive and resulted in clear ideas about what changes are needed and how they could be implemented. There is a lot to do and we will continue our dialogue."
However, La Liga took a jibe at the new proposal for the European Super League.
"The Super League is the wolf in the story of Little Red Riding Hood. It is disguising itself as an open and meritocratic competition, but underneath there is still the same selfish, elitist, and greed-driven project. Don't let their tales fool you," La Liga said in a statement.
It should be mentioned here that Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham, AC Milan, Inter Milan, Juventus, Atletico Madrid, Barcelona, and Real Madrid were the original 12 founding members of the European Super League when it was first introduced in April 2021.
The six Premier League clubs abruptly abandoned the plan after receiving harsh criticism from fans, pundits, clubs, and the media, while Juventus, Barcelona, and Real Madrid are still dedicated to the idea.