According to Chris Wheeler in the Daily Mail, European football's governing body "know the Champions League is not thriving" and is willing to accept a format that would see the continent's major clubs play against each other more regularly.
The potential plans on the table reportedly include a preliminary knockout phase "followed by a 16-team group-stage split into two divisions of eight, playing 14 games home and away," a format which could be installed as early as the 2018-19 season.
The Times' Martyn Ziegler provided a pithy summary of the plan:
Clubs pushing for radical overhaul of CL with knockout rd followed by 2 groups of 8.