Launching in 2021, the tournament would have 12 teams from Europe - with clubs who have won at least three European Cups the first to be invited.
Bayern Munich, Juventus, Paris Saint-Germain and AC Milan are among some of the other clubs allegedly confirmed for the tournament with a number of other top European clubs in contention.
Ahead of the Europa League final in Lyon, the governing body of European football is holding a meeting of its "Council of UEFA" and FIFA president Gianni Infantino's plans are the main topic on the agenda.
Clubs could earn up to £100 million from participating in the tournament which is backed by a consortium led by Japanese company SoftBank. Some domestic competitions, including the English Premier League, are also said to be firmly opposed to the idea.
"This is part of the whole discussion around the global match calendar, so if there is no annual Club World Cup and no Confederations Cup, it may not mean more matches for the players".
The Times' Martyn Ziegler reports that China have already thrown its hat into the ring to stage the inaugural edition of the Club World Cup in 2021.
Infantino says he needs agreement soon because the consortium gave Federation Internationale de Football Association a 60-day deadline and after that the money will vanish and hopes to get approval at the Federation Internationale de Football Association conference in Moscow in June ahead of the World Cup.