As Australia's cricket team regroups in the aftermath of a crushing Ashes defeat, the ABC has learned that a detailed blueprint has been prepared for a complete overhaul of the way world cricket is governed.

The blueprint envisages a new governing body for world cricket, affiliated with the Olympic movement, overseeing new Test and T20 competitions, with one-day cricket dumped.

The revelation was made by Lalit Modi, one of cricket's most flamboyant and controversial figures, in an interview with Four Corners.

Mr Modi, who launched the hugely successful Indian Premier League (IPL) in 2008, now lives in virtual exile in the UK.

"We're talking about another cricketing system. There is a blueprint out there, it's got my rubber stamp on it," he said.

"I have been involved in it. I say it for the first time, I've been involved in putting that (blue)print together."

In the past, while acknowledging he had been involved in discussions to set up a new governing body for cricket, he had insisted he walked away from the project.

Now, for the first time, he has revealed that he himself spent years working on the plan.

"The plan that I have put together is a very detailed plan, it's not a plan that's come off the cuff, it's been taking years and years and years in the making," he said.

Mr Modi was fired from his job as IPL commissioner in 2010 and has been dogged by allegations of misconduct ever since.

In 2013 he was banned for life from playing any role in cricket administration by the Board of Control for Cricket in India (BCCI).

Last week a warrant for his arrest was issued by a court in Mumbai at the request of India's economic intelligence agency, the Enforcement Directorate.

The agency is investigating allegations of money laundering linked to a lucrative television deal.

Mr Modi has not been charged, and has strenuously denied all the allegations against him.

Concern over control exercised by India, England and Australia

Australia, England and India are currently cricket's most influential nations ( Reuters: Phillip Brown )

In the past year, concerns have been expressed in several countries about the level of control exercised by three cricketing boards — India, England and Australia — over the way world cricket is governed.

The International Cricket Council (ICC) is chaired by India's nominee, Narayanaswami Srinivasan, and has 105 member nations — only 10 of which are authorised to play Test cricket.

New financial arrangements drawn up by India, England and Australia, and agreed to by the ICC last year, will see at least 20 per cent of the expected revenue of $2.5 billion which will arise over the next eight years from the media and commercial rights for ICC events taken by India.

Many smaller cricketing countries will receive only a fraction of that amount.

Mr Srinivasan and Mr Modi have been at loggerheads for years, and Mr Modi has been highly critical of the ICC's governance structure and financial model.

He said he believed he could spearhead an alternative.

"We could take on the existing establishment, no problem," he said.

"It requires a few billion dollars, I don't think it would be a problem to get that ... into action. But it could be done."

Mr Modi told the ABC he hoped root and branch reforms were carried out at the ICC, thus removing the need for an alternative, but said he doubted whether that would occur.

"I hope that print [the blueprint] doesn't take off," he said.

"But if the people can't continue, then that print will take off and that blueprint will become the world order tomorrow.

"I guarantee you that, sitting here today."

ICC run as members' club, not governing body: Modi

Mr Modi's blueprint envisages a rival calendar of events to the ICC's, based on Test matches and T20 games.

"The plan conceives only of Test cricket and T20; it doesn't take into account one-day at all," he said.

"I think that is completely redundant in today's day and age. I think it should just be T20 and Test matches that should be played."

Mr Modi said that because the ICC was run as a members' club, and not a governing body, there would no hindrance to a rival breakaway body being established.

Neither did he envisage a problem in paying huge sums to marquee players.

"There was a report that ran on the front of The Australian newspaper that said '$100 million pay cheque for two of your players'," he said.

"I think that's an easy cheque to write; I just put it this way. I say, that would be an easy cheque to write, and if that cheque is easy to write then 'would I get the players or not?' is a question you should ask the players, not me."

Calls for T20 cricket to join Olympic Games

Sorry, this video has expired 'You must offer more cricket to more people around the world': Members at Lord's critical of game administration

Mr Modi's blueprint comes at a point when there have been growing calls for T20 cricket to be played at the Olympics.

Speaking at a press conference following a meeting of the Marylebone Cricket Club's World Cricket Committee last month, former Australia captain Ricky Ponting said: "It was quite unanimous that we should look to grow the game into an Olympic sport.

"The Olympics is the pinnacle of global sport. To be able to get cricket into something like that would be an awesome spectacle in itself, but it would be great for the growth and development of the game of cricket."

Cricket Australia (CA) has also supported the concept.

"When that was last debated at the ICC I debated hard and loud to bring it into the Olympics," CA chairman Wally Edwards said.

"I think it's critical to the development of the game on a worldwide basis. I think it's something that cricket should do.

"But when the debate was held the consensus wasn't there, or the numbers weren't there so that debate was lost."

Mr Srinivasan, the ICC chairman, has opposed the idea, as has Giles Clarke, the former chairman and current president of the English Cricket Board.

Mr Modi's plan envisages cricket's new governing body being affiliated with the Olympic movement.

"I have been proposing that. The ICC will never agree to that; never means never," he said.

"That means they would have to do away with the ICC. It is a plan that one day, if I ever implement it, will re-write history in sport.

"IPL has re-written history in sport in the way it's marketed. I think this will re-write history once again."

Watch the full Four Corners episode on Monday at 8:30pm on ABC or catch up on iView.