Tendulkar and Warne have reportedly offered 28 former players contracts worth USD 25,000 a match for the proposed league planned in at least three US cities starting September.
According to reports, Brett Lee, Andrew Flintoff, Jacques Kallis, Adam Gilchrist, Glenn McGrath and Michael Vaughan were among the former stars who have been approached for the proposed league.
Erskine said he remembers having a discussion on the league with Warne but he is not aware of the specifics.
Erskine feels there could be a market for this league featuring former greats but he was not sure about the commercial viability of the tournament.
"If you take past greats to countries that normally don't get major cricket then I think it could work. But as we know, most of the money in cricket today is not to do with gate receipts, it's all to do with television rights," he said.
"There is so much cricket. Apart from England and Australia in Test matches, you look at a Test match and you can fire a cannon and not hit anyone," he added.
