The Saudi Arabian government plans to set up the world’s richest cricket competition.

According to The Age newspaper, the Gulf state has held informal discussions with IPL owners over the past 12 months about the possibility of setting up a T20 event.

Indian cricketers, who are currently banned from competing in overseas T20 tournaments by the BCCI, could be permitted to participate, according to the report.

“If you look at other sports they’ve been involved in, cricket is something I imagine would be attractive to them,” ICC chairman Greg Barclay told the publication.

“Given their advance into sport more generally, cricket would work quite well for Saudi Arabia.

“They’re pretty keen to invest in sport, and given their regional presence, cricket would seem a pretty obvious one to pursue.”