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Published 12:29 20 Feb 2017 GMT
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It is also alleged that an Irish-backed consortium is keen on a potential franchise in New York.
The new competition is set to be dubbed the 'Guinness Atlantic Rugby Championship'.
The proposed format is that there will be two divisions of seven teams, with teams in each respective division playing each other twice, home and away.
Teams from both divisions will then play each other, but only once. Giving a total of 18 regular season games, four less from what is currently the case in the PRO12.
The play-off format will then consist of the second and third placed teams in each division competing at a quarter-final stage, with the winners then facing the top sides from each division in a semi-final stage.
It's difficult to know how accurate these reports are as there are often numerous stories about new potential teams, the latest of which came today from the former chief rugby writer of Welsh regional newspaper, The Argus.
https://twitter.com/robindavey01/status/833636356509331456
There's not often smoke without fire, so we would expect there to be some changes coming to the PRO12 in the coming years.
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