FIFA is set to give more than one billion dollars in prize money to clubs participating in the Club World Cup as the European Club Association, negotiating on behalf of clubs in Europe including Chelsea and Manchester City, closes in on a deal.

Multiple sources have confirmed that the 32 clubs involved, including 12 European clubs, will split what is anticipated to be the biggest prize in club football across a seven-match format.

The inaugural tournament, taking place in the United States, begins on 14 June and finishes with the final in New Jersey on 13 July.

On an individual club basis, those involved will receive a participation fee for entering the group stage and performance fees based on progression to later rounds.