A further five clubs - Atletico Madrid, Borussia Dortmund, Marseille, Intern Milan and Roma would be "initial guests".
Der Spiegel listed Real Madrid, AC Milan, Arsenal, Barcelona, Bayern Munich, Juventus and Manchester United as the seven clubs pushing the idea forward but suggested that others, including, Chelsea, Manchester City and Liverpool would enjoy protected status and not face relegation.
Some Bayern supporters showed their displeasure at the speculation linking the club to a European super league with one banner stating: 'We stand for the Bundesliga - Super League without us'.
Premier League teams Manchester City, Manchester City, Liverpool, Arsenal and Chelsea have all been named by United Kingdom media as being part of any potential Super League set up.
Der Spiegel reported that Real Madrid and Key Capital Partners declined to comment.
Bayern Munich chairman Karl-Heinz Rummenigge is considering legal action over a report the German giants are involved in plans to launch an 18-team European "Super League" in 2021.More news: India vs West Indies - Highlights & Stats
With Europe's elite planning to break into a European Super League, Liverpool's Jurgen Klopp has laughed at the idea of the competition and expressed his happiness with football as it is.
The Spiegel report said that on October 22, Madrid-based Key Capital Partners sent an email to Real Madrid president Florentino Perez including a document entitled "Draft of an Agreement of the Sixteen" which included a 13-page "binding term sheet" for the 11 clubs listed as "founders".
The same report alleges that Manchester City's owners allegedly injected €2.7bn into the club over the last 7 years through its shareholders & over-valued sponsorship contracts which infringe FFP regulations.
"There is no mention of UEFA in the entire draft contract". "At present, ECA is working in close collaboration with UEFA on the next cycle and post-2024".
"I'm confused about the coverage", Bayern chairman Rummenigge, who is also honorary chairman of the European Club Association (ECA), told Sky.
Meanwhile, the leaks claim that clubs could sign a letter of intent as early as this very month following various secret meetings that have taken place since 2016, and The Daily Mail reports that each of the top clubs involved could "receive annual revenues of £440m plus".