Billionaire Allen Stanford's plans include an annual Twenty20 competition to involve 17 Caribbean countries.
The tournament is due to take place in August/September 2006 with a $1million prize for the winners.
Each country will receive $100,000 (£57,000) when they confirm their involvement and a further $10,000 per month to help players and coaches prepare.
The BBC reports that Stanford - who has been based in Antigua for over 20 years - will bear the entire cost of the competition.
He also aims to set up a professional Super League in the region and arrange two $5million winners-take-all games games in November next year featuring a Caribbean Super Stars XI against "world-class" opponents.
