Former Manchester United and England midfielder David Beckham has moved closer to owning a Major League Soccer team.

The 38-year-old has reportedly chosen Miami as the location for his prospective new franchise. However, a deal is yet to be finalized.

He will pay a discounted price of $25 million for ownership of the team as the terms of his final contract with LA Galaxy. A dozen investors have reportedly contacted Beckham to take part in the establishment of the new franchise.

Currently, there are 19 MLS teams. But the league wants to expand that to 24 by 2020.

A 20th team is already in place to join the league in 2015. New York City FC is the result of a partnership between Manchester City and the New York Yankees.