The additional league would mean there would be five tiers in the football league, four below the Premier League
The Football League wants to create an extra division with 20 teams in each from 2019-20, in the biggest shake-up in since the creation of the Premier League in 1992.
"There are clear benefits for everyone," Football League chief executive Shaun Harvey told BBC Sport.
"It is about taking a step back to try to work out what is best for English football.
"We hope that the Football League taking this first step is the catalyst for future change."
England would then have 100 teams in five divisions. Currently, there are 24 teams in the Championship, League One and League Two.
The Football League says the move would "tackle fixture congestion" and boost the finances of its members.