Pakistan Super League (PSL), which is a five-team Twenty20 tournament, is set be launched at the end of March with about 30 international cricketers likely to play in it.
The event is being planned by the Pakistan Cricket Board (PCB) along the lines of leagues in other major Test playing countries such as India, Australia, South Africa, England, and Sri Lanka with foreigners being signed by the different franchises, News.com.au reports.
The PCB has hired Haroon Lorgat, the former chief executive of the International Cricket Council, as adviser for the PSL, which will feature teams from different cities for the first three years.
Lorgat said the league's worth is in excess of 100 million dollars, however, he did not clarify how long it would take to generate that level of revenue.
Zaka Ashraf, chairman of the PCB, said he had talked with officials of several cricket boards about sending players.
Ashraf said they have received a positive response from Sri Lanka Cricket, Cricket Australia and even South Africa.
The PSL is set to stage 23 matches over 12 days in a city yet to be finalised, but probably either Karachi or Lahore.
Each team will have a squad of at least six foreigners, who will join 10 Pakistani players.
Organisers plan to expand the event to eight teams in 2016 and hold 59 matches over a period of one month.
Pakistan has not hosted a foreign team since gunmen attacked Sri Lanka's team bus at Lahore in 2009, killing six police officers and a van driver.
The PCB has made several attempts to attract foreign teams, but so far it has not succeeded in convincing any Test-playing nation that it's safe to play in Pakistan.