Michael Clarke and Shane Watson would be offered $50 million salaries as part of a new global cricket league proposed by an Indian billionaire, Fairfax Media has reported.

Media tycoon Subhash Chandra’s plans to establish a rebel league came to light last week after company names were registered for a new Twenty20 league.

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This is not the first time Chandra’s Essel Group has tried to establish a cricket league.

In 2007, it established the Indian Cricket League which went bust two years later and today still owes players $2 million in wages.

Fairfax alleges Australian skipper Clarke and batsman Warner have been marked as “priority acquisitions” by the new league, and would be offered 10-year contracts worth $50 million.

Indian billionaire Subhash Chandra. Photo: Getty

According to Business Review Weekly, Clarke made $4 million last year, while Watson made took home $3.8 million.

The International Cricket Council are now investigating the Essel Group project, while Cricket Australia’s Board is expected to discuss the matter at length during a meeting on Friday.

A Cricket Australia spokesperson said the project was a concern.

“It is a concern but the ICC has been informed and the matter is being investigated,” the spokesman told Fairfax.

“It’s difficult to say more until we have more information.”

Mr Chandra confirmed Essel was looking at new cricket initiatives on Twitter, and said the game had potential outside of Commonwealth countries.

The new Twenty20 league is expected to tap into interest in cricket in Asia and countries where there are large expat communities, including the United States.

Essel looks for new initiatives to develop businesses, cricket has potential out side Common Wealth countries. Lalit Modi not involved

— Dr. Subhash Chandra (@_SubhashChandra) April 27, 2015