According to a report in "The Times of India", the league will have India captain MS Dhoni as its chief brand ambassador.
There will be seven teams, represented by seven Emirates of the United Arab Emirates (UAE), the report said on Tuesday.
The league will features players from seven countries - India, Pakistan Sri Lanka, South Africa, United Kingdom, Australia and UAE.
It will be a new format of the game with 7 players in the team with 7 overs per innings and 7 teams.
Dhoni and Suresh Raina are set to inaugurate the league, the report said. The league is sponsored by a UAE-based conglomerate.