Financially troubled digital TV platform ITV Digital is desperate to get out of its existing contract with the League and is frantically trying to renegotiate the deal.
ITV Digital still owes £178m for the remainder of the three-year deal, and last week offered a £50m package instead. An offer rejected by angry League chiefs.
The digital platform's take-up rate has been poor and failed to reach hoped for targets.
Now, according to a report in the UK's Sunday Telegraph newspaper, the League has been in talks with a view to setting up its own channel in time for next season should ITV Digital collapse.
The League says several of its member clubs face bankruptcy should the deal be scrapped or renegotiated.
Said League chief executive David Burns: "Having our own channel is certainly an option.
"The question is, how many people will buy it and at what price, and does it then become commercially viable?"
Burns says he had spoken to the Scottish Premier League which is planning to set up its own TV channel next year.
Meanwhile, ITV Digital is set to face a legal fight for £500m if it fails to honour its existing contract.
According to the same newspaper, the League's solicitors have sent the chairman of ITV Digital's main shareholders - media firms Granada and Carlton - a formal legal warning that they will pursue them for the sum if ITV Digital collapses.
TV chiefs say the current deal could force the platform - the only real digital rival to Rupert Murdoch's BSkyB and its Sky Digital service - to shut down within weeks.
Meanwhile, the League's chairman Keith Harris is calling on supporters to boycott many of ITV's biggest TV shows if it fails to honour its contract with the League.
He has called on fans to switch off leading soap opera Coronation Street and refuse to appear of many of its biggest and best known shows.
Said Harris: "The place to hurt there television companies is in their pockets. What will they tell their advertisers?"
