The proposed competition would pit 16 of the world's top national teams and commence in 2020, report the New York Times and Sydney Morning Herald.
There are additional plans involving promotion and relegation in four regional leagues to encourage global development of the women's game.
The plan aims to increase the visibility, quality and appeal of women's football and boost Infantino's standing before his bid for presidential re-election next year. Investment in the women's game was part of Infantino's campaign platform in 2015.
Under the propsed format, the 16 teams would be divided into four groups and play mini tournaments before the winners face off in semi-finals and a final to determine a champion.
Infantino discussed tentative plans for the women's competition a summit meeting in Mauritania last month, though without providing details. Those may emerge from this week's FIFA meetings in Colombia.
"We are also thinking of creating a world women's football league so that all federations can participate, because we should not lose sight of the fact that 50 percent of the world's population is female," Infantino said, according to reports.
Infantino also made promises regarding women's tournaments in 2016 when he won the FIFA presidency, saying more attention needed to be given to the women's game.
Last year he first mentioned the possibility of a new competition to supplement the Women's World Cup at FIFA's Congress in Bahrain.
However, members briefed on the new proposal have not yet been provided with any financial projections or a commercial strategy.
National federations are required by FIFA to operate women's programs, though how they will works as part of an overall strategy with the new proposal also remains unclear.