Free-to-air broadcasters have been reluctant to get involved because of upcoming television rights negotiations with the AFL, meaning the consortium may need to pin its hopes on a pay-TV channel.
More discussions are set to take place in the coming weeks.
The exact format of the tournament remains up in the air, but AFL.com.au understands the latest proposal is for a single weekend tournament, in the vein of the successful rugby sevens format.
It is being sold a fast, TV-friendly game, featuring privately owned teams filled with star players and large salary caps.
The number of teams is yet to be finalised.
Organisers are also keen to include female athletes within the format.
Trials took place at Melbourne's AAMI Park in June, and organisers believe the concept will be a hit with fans.
It is likely games would be played over two halves, with teams of ten players on the ground with two on an interchange bench.
It is understood the AFL has not yet been consulted about the competition.