New proposals could see the Premier League reduced to 18 teams, the removal of the League Cup, and much more.
New proposals to reform English football could have a "damaging impact" on the game, says the Premier League.
Under the proposals, the English top-flight would be cut to 18 teams and both the League Cup and Community Shield would be scrapped.
In order to get the number of teams down from 20 to 18, it is expected that four clubs would be relegated directly, with two promoted from the Championship.
In addition, there would be play-offs involving the team to finish 16th in the Premier League and those in third, fourth, and fifth in the second tier.
No date has been set for the proposed new format of the league to be in operation but sources have suggested 2022-23 is not out of the question.
The plans would also see the Premier League hand over a £250m bailout that's required by the Football League to stave off a financial disaster among its 72 clubs following the COVID crisis.
The Premier League would also hand over 25% of its annual income to the EFL.
It is understood Liverpool's owners, the Fenway Sports Group, devised the initial plan, which has also been worked on by Manchester United co-chairman Joel Glazer.
It is anticipated that these proposals will receive the backing of Arsenal, Chelsea, Manchester City and Tottenham Hotspur - the other members of England's 'big six' clubs.
However, the Premier League are against these plans that would also see changes to the top flight's 14-club majority voting system.
"In the Premier League's view, a number of the individual proposals in the plan published today could have a damaging impact on the whole game and we are disappointed to see that Rick Parry, chair of the EFL, has given his on-the-record support," a statement said.
It adds: "The Premier League has been working in good faith with its clubs and the EFL to seek a resolution to the requirement for Covid-19 rescue funding. This work will continue.
"To maintain this position, it is important that we all work together. Both the Premier League and the FA support a wide-ranging discussion on the future of the game, including its competition structures, calendar and overall financing particularly in light of the effects of Covid-19.
The report originated in The Telegraph and it's understood that English Football League chairman Rick Parry is in favour of the plans.
The idea is to address the financial concerns of EFL clubs regarding the huge gap in funding between its divisions and the Premier League by handing over 25% of the annual income.
There would also be a £250m up-front payment to address the existing COVID-19 crisis and the FA would receive what is being described as a £100m "gift".
Aside from the 'big six' clubs, ever-present Premier League member Everton, West Ham United and Southampton would also be granted special status in a voting scenario.
If six of those aforementioned nine clubs vote in favour of a proposal, it would be enough to get it passed.