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WWE Chairman Vince McMahon is reportedly planning to relaunch the XFL in 2020.

According to PWInsider (h/t WrestlingInc.com's Joshua Gagnon), McMahon wants to take his time in order to have a "proper foundation" in place.

Darren Rovell of ESPN later reported that McMahon will announce the creation of the league at a news conference at 3 p.m. ET. Alpha Entertainment confirmed the conference.

In December, WWE sent a statement to freelance reporter David Bixenspan saying McMahon had established and was funding an entity called Alpha Entertainment with an eye toward investing in multiple sports and entertainment areas, including professional football.

In December, McMahon sold 3.34 million shares in WWE for approximately $100 million to help fund Alpha Entertainment.

PWInsider added that McMahon wants to focus on building rosters and finding coaches before progressing too far with plans for the new XFL.

The original XFL lasted for just one season in 2001.

While the league initially netted strong ratings on NBC, it quickly faded due largely to a lack of quality football.

A handful of players emerged from the XFL to enjoy success in the NFL, including eventual Pittsburgh Steelers quarterback Tommy Maddox and running back Rod "He Hate Me" Smart.

The XFL recently returned to pop-culture discussion due to ESPN's 30 for 30 documentary This Was the XFL.

The 2017 documentary highlighted the rise and fall of the league and once again got people talking about McMahon's creation.