Project Big Picture is "highly unlikely to get traction within the Premier League," says Aston Villa chief executive Christian Purslow.
The plan's backers want to reduce the Premier League from 20 to 18 clubs and scrap the EFL Cup.
Premier League shareholders will meet on Wednesday to discuss the project and finances in football.
"I don't think we should give too much credence to this particular plan," Purslow told Radio 4's Today programme.
The proposals, led by Liverpool and Manchester United, became public earlier this week and have split opinion.
Under the plan, the EFL would get 25% of all future TV deals, which would be negotiated jointly, plus a £250m bail-out.