Controversial former Indian Premier League boss Lalit Modi has admitted to being involved in a plan to overhaul world cricket, the ABC has reported.

Fairfax Media's Chris Barrett broke the story of the Essel Group's mysterious establishment of companies in Australia in April, days before also revealing that David Warner and recently-retired Australian Test skipper Michael Clarke could earn up to $50 million from the new rebel league, which has been likened to Kerry Packer's World Series Cricket revolution of the 1970s.

In an interview to air on Four Corners tonight Modi, who had previously denied any involvement, admits he has held talks about the Essel Group's proposal but emphasises that a vision for a breakaway system much wider than that has his 'rubber stamp'.

"We're talking about another cricketing system. There is a blueprint out there, it's got my rubber stamp on it," he said.

"I have been involved in it. I say it for the first time, I've been involved in putting that (blue)print together.

"We could take on the existing establishment, no problem. It requires a few billion dollars, I don't think it would be a problem to get that ... into action.

"The plan that I have put together is a very detailed plan, it's not a plan that's come off the cuff, it's been taking years and years and years in the making."

The blueprint outlines a new governing body for the game, aligned with the Olympics and would also see an end to one-day cricket.

Modi set up the lucrative Indian Premier League in 2008 and oversaw the competition until 2010.  He has laid low in the UK since.

Speculation about the motives of Essel Group led to several Australian cricketers being retained on two-year contracts, rather than traditional single-year deals.  

Among them was Warner, who in a June radio interview admitted the rebel proposal would be tempting.

You can't rule it out, you can't say no, because ... we love playing the sport we do but we also love getting paid for what we do, so if we can be honest and up front [that it is better]," Warner told Sky Sports Radio on Monday. 

"If I say I'd never take it and all of a sudden I do, it looks stupid on your behalf. I'm just being honest in saying it's not out of the question, and I'd certainly have to think about it."