The event is the brainchild of Allen Stanford, the Texan billionaire, who is also hoping to include Sri Lanka, India and South Africa in the week-long tournament proposed for June 2008.
The four countries would contest a knockout event with the winners facing the Stanford Super Stars, an all-West Indies XI comprising the best players from the inter-island Stanford 20/20 Tournament, due to be staged in Antigua early next year.
Stanford has dubbed the series "20/20 for 20 million" but it is subject to approval from the West Indies Cricket Board (WICB), the International Cricket Council (ICC) and broadcast network ESPN, which has a broadcast agreement with the ICC.
The Texan made the announcement in Antigua but conceded there were "issues to deal with", adding: "Working with the WICB has not been the most harmonious of relationships. There are some minor issues with the ICC..."
His proposed $5 million match between the Stanford Super Stars and South Africa fell through last year after wranglings with the WICB.
When asked for a reaction by Reuters on Thursday, an ICC spokesman said he was not in a position at present to comment.
Stanford has also announced he is giving West Indies cricket $100 million over three years with most of the funding going towards grassroots development.