According to the newspaper, Old Trafford executive vice-chairman Ed Woodward, Chelsea chairman Bruce Buck, Arsenal chief executive Ivan Gazidis, Manchester City’s chief executive Ferran Soriano and Liverpool’s Ian Ayre took part in the meeting.
Mr Ross, an American real estate developer who created the pre-season International Champions Cup in the US, China and Australia, hopes to wrap up a deal shortly, the newspaper said.
The concept of such a league, which would see England's top clubs join Europe's elite including Barcelona and Real Madrid, has long been debated.
Three years ago, the chairman of Turkish club Galatasaray said Europe’s biggest clubs were actively plotting to set up a “closed” competition of the continent’s 20 top teams. Unal Aysal said at the time such a league would be formed within five years.
The move would gurantee hundreds of millions of pounds for Europe's top clubs, some of whom do not always qualify for the lucrative Champions League.
This season, both Chelsea and Liverpool are expected to miss out on a Champions League place, while Manchester United are three points off the top four.
A breakaway league would spell the end of the Champions League and have a huge impact on the Premier League.
The English competition currently enjoys a TV deal which guarantees £100 million per club for the next three years. The departure of the biggest clubs would see that revenue severely diminish, impacting the remaining clubs as well as having a knock-on effect on the whole league.
Uefa has been under increasing pressure from the European Club Association to reform the continent's top club competition to ensure teams with the greatest TV appeal have a guaranteed place.
- Telegraph