Sydney: Cricket Australia rejected as 'highly speculative' reports Friday that leading stars Michael Clarke and David Warner could be offered Aus$50 million ($39.5 million) contracts to play for an Indian-financed rebel league.

Essel Group, owned by billionaire Indian media mogul Subhash Chandra, has confirmed plans to launch a new global Twenty20 tournament similar to Kerry Packer's creation of World Series Cricket in the 1970s. The conglomerate, which was behind the now-defunct Indian Cricket League (ICL), also reportedly wants to create a breakaway world governing body for the sport, prompting the International Cricket Council (ICC) to investigate.