In a statement released shortly before FIFA's ruling council were expected to greenlight the new tournament at a meeting in Miami, the European Club Association said its members would not participate.
A 17-page report distributed to the 37 members of FIFA's ruling body calls for the new tournament to take place between June 17 and July 4, 2021, replacing the Confederations Cup international tournament.
Any boycott by European clubs would instantly diminish the viability of the competition.
A report distributed to FIFA Council members this week said five of the six regional confederations are in favour of the proposal for the tournament.
However European governing body UEFA, which accuses FIFA of a lack of consultation and transparency over the project, has opposed plans moving forward, citing scheduling problems.
The issue of a revamped Club World Cup has been simmering for the past year after it emerged that a tournament bankrolled by investors from Asia and the Middle East had been offered to FIFA. That funding offer, reportedly worth $25 billion, was later withdrawn.
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