Although Hull denies it will be a rival to the NHL, it plans to launch next year and is bound to impact on the race for commercial backers.
The WHA intends to field a 12-strong league, with each club restricted by a $10m salary cap. In its previous life, the WHA lasted until 1979 before four of its teams moved to NHL.
Said Hull: "We don't want to be in competition with the NHL.
"We just want to be ready in 2004 to give the fan an alternative, exciting hockey at a reasonable price."
Phoenix and Minnesota are the only two teams confirmed so far, with a number of others linked.
The NHL could be set for a rival after one of its former stars - Bobby Hull - was named the first commissioner of the World Hockey Association.
