Alpha Entertainment, the sports business McMahon funded by selling $100 million of WWE stock, said it will have a "major sports announcement" on Thursday at 3 p.m. ET.
That announcement will be another attempt at starting a professional football league, multiple outlets reported. CBS Sports reported that the league is not expected to begin until 2020.
McMahon's first foray into football was the XFL, an ill-fated professional league that promised a brand of football that was more violent and intense than the NFL. He co-owned the XFL with NBC, however the league that lasted only one season in 2001.
Alpha Entertainment has filed trademarks for the XFL name.
McMahon said he'd be open to bringing back the XFL in an ESPN 30 for 30 documentary called "This Was The XFL," which aired last year.
"I don't know what it would be. I don't know if it's going to be another XFL or what it may be or how different I would make it. It seems like in some way it would tie in either with the NFL itself or the owners," McMahon said at the time.