Australian newspapers and Wisden Online on Thursday quoted an ICC spokesman in London as saying under the plan the top-ranked Test and One-day teams -- currently Australia -- would play an all-star World XI in one Test and three One-day games next year in South Africa for one million dollars in prizemoney.
The idea received initial support at a recent ICC board meeting and has now moved closer to reality after receiving the in-principle approval of all 10 Test-playing nations, the reports said.
The ICC holds its next meeting in New Zealand next month when the plans could be finalised.
The plan looked likely to run into opposition from some players who have already been complaining about the heavy workload they face.
But it would offer some promising cricket if Australia, who won the World Cup and claimed then top Test ranking last year, face the 11 best from the other nine cricketing nations.
It was not immediately clear how the ICC would pick its World XI, with options being an international selection panel or using player rankings as a guide.
Using the current PricewaterhouseCoopers rankings the team would be: Herschelle Gibbs (RSA), Mark Richardson (NZL), Rahul Dravid (IND), Brian Lara (WIS), Inzamam ul-Haq (PAK), Jacques Kallis (RSA), Sachin Tendulkar (IND), Muttiah Muralitharan (SRI), Shoaib Akhtar (PAK), Shaun Pollock (RSA) and Makhaya Ntini (RSA).
Wisden said its dream team would be:
Michael Vaughan (ENG), Kallis, Dravid, Lara (capt), Sachin Tendulkar, V.V.S. Laxman (IND), Mark Boucher (RSA), Pollock, Shane Bond (NZL), Muralitharan and Akhtar.