The NBA has received several billion-dollar bids for teams in the proposed European league, BBC Sport understands.

Initial plans for ‘NBA Europe’ are for 10 to 12 franchises that would stay in the league on an annual basis.

It is understood multiple bids worth between $500m and $1bn (£375m to £750m) have been made, while there are also several above the billion-dollar mark.

Europe’s best teams currently compete in the EuroLeague, which was started by basketball’s international governing body Fiba but has been run by Euroleague Basketball since 2000.

Mark Tatum, the NBA’s deputy commissioner and chief operating officer, said the NBA had “received significant interest from a range of prospective teams”.

The league is expected to be made up of new franchises, current basketball teams and football clubs who may or may not already have associated basketball teams.

More than a dozen existing teams have been in talks with the NBA, including some EuroLeague teams, sources said.

EuroLeague did not comment when asked by BBC Sport about the talks, but said it is open to exploring ways to collaborate with the NBA.

Reports have previously said that EuroLeague has concerns about the new venture, threatening legal action against the NBA should clubs break existing agreements to take part in the new competition.

With a current working title of NBA Europe, the plan is to launch the new league as soon as the 2027-28 season.

As many as 16 teams across the continent could be involved, with a team from both London and Manchester expected to feature.

Tatum said: “The level of engagement and the scale of the bids reflect the marketplace’s belief in our proposed model and the enormous, untapped potential for European basketball.

“We will now review the bids in more detail and shortlist the partners who share our vision and commitment to accelerating the growth of the game across the continent.”