As a result, the competition is expected to take away the existing tournaments: the Club World Cup and the Confederations Cup.
Under the proposal, Federation Internationale de Football Association plans to invite at least 12 clubs from Europe to take part, with sides who have won at least three Uefa Champions Leagues or European Cups given preference, according to The Times. Through his Twitter account, President Temer spoke about the World Cup after the announcement of the final list of the 23 players summoned for the national team earlier in the day, reports Xinhua news agency.
Funding for the new tournament is being put up by a consortium of investors led by Japan's SoftBank and backed by the likes of Saudi Arabia and the United Arab Emirates.
The winners of the four previous Champions Leagues would be guaranteed places.
Barcelona's board of directors said the tournament would be "exciting, dynamic, inclusive and prestigious".
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The announcement triggered USA plans to reimpose sanctions on the Islamic Republic within roughly three to six months. He was quoted by Germany's Bild newspaper as saying firms should question the morality of doing business with Iran.
Emilio Butragueno, Real Madrid's head of public relations, told his club's TV station: "We think that for fans it could be a very interesting competition".
It is said that UEFA and the Premier League are "furious" at the idea with a $1b pot shared among the clubs.
Argentine captain, Lionel Messi says winning the 2018 FIFA World Cup in Russian Federation is the only way to overcome the heartache of losing the 2014 FIFA World Cup final to Germany.
"FIFA itself has highlighted the global match calendar's congestion and lack of rest periods for players most in demand", Premier League chief executive Richard Scumadore told.