According to The Sun, Premier League stars including Wayne Rooney, Steven Gerrard, Cesc Fabregas and Didier Drogba are in talks to join the contest.
Former Manchested United player Cristiano Ronaldo and Valencia's David Villa are also thought to be interested in appearing in the show, which will be staged in front of 20,000 fans at the O2 Arena in London.
The footballers will be tested on skills including control, strike power and goal scoring during the competition, while a "major name" from football is thought to be in talks to host the show. The event is reportedly costing £10m to stage.
A source said: "This is like nothing you've ever seen. The world's best players come together for a pure skills test. As it's happening after the World Cup, they may well use some of its great shots and crosses to influence the challenges."
Producers are allegedly hoping that the contest will become an annual show which tours the world.