Four countries — the U.S. , Japan , India and Australia — could join forces to set up an alternative to China's Belt and Road Initiative in an attempt to counter Beijing's growing influence, the Australian Financial Review reported Sunday.

Australian Prime Minister Malcolm Turnbull, and U.S. President Donald Trump at the G20 leaders summit in Hamburg, Germany, July 7, 2017.

The plan was on the agenda of Australian Prime Minister Malcolm Turnbull's meeting with President Donald Trump later this week, according to the report, which cited one unnamed senior U.S. official.

The source, however, added that the plan was still "nascent" and "won't be ripe enough" to be announced when the two leaders meet in the U.S.

China's multibillion-dollar Belt and Road Initiative aims to connect Asia, Europe, the Middle East and Africa with a vast logistics and transport network, using roads, ports, railway tracks, pipelines, airports, transnational electric grids and even fiber optic lines.