Peter V'landys has offered $57 million to help the cash-strapped English Super League, with the NRL seeking a 50 per cent stake in return.
The arrangement would also secure immediate promotion to the top division for the London Broncos.
The proposal comes as one of England's former rugby league greats warns the sport is at a crossroads.
England last won an Ashes series in 1970, then claimed its third World Cup in 1972.
Its standing has since faded, with the decline gathering pace over the past decade.
Pacific Island nations are now dominating the country where the game originated, according to the article.
England once led the international game, including a period when Australia's Kangaroos went 30 years without winning an Ashes series.
The proposed NRL involvement raises the question of whether outside intervention is needed to revive the sport in England.