India are likely to host a US$5 million Champions League in later this year featuring T20 teams from all over the world.

The BCCI and the cricket boards of England, Australia and South Africa reached an agreement on staging the tourney featuring winners and runners-up of their domestic T20 tournaments.

As of now, the tournament will be staged either in India or a West Asian nation.

"The England and Wales Cricket Board, Cricket Australia, the Board of Control for Cricket in India and Cricket South Africa have reached an agreement for the staging of the inaugural cricket Champions League this autumn," the England and Wales Cricket Board (ECB) said in a statement.

"It was agreed that the first Champions League tournament would involve eight teams playing 15 matches in a 10-day period in late September and early October in either the Middle East or India," the ECB statement added.

Several discussions between ECB chairman Giles Clarke and chief executive David Collier, and Cricket Australia's chairman Creagh O'Connor and chief executive James Sutherland last last week led to the decision.

The meetings reached a conclusion yesterday between Clarke and Indian Premier League commissioner and BCCI vice-President Lalit Modi and Cricket South Africa president Norman Arendse.