The European Club Association (ECA) has reportedly reached an agreement with UEFA to end the season in August.
According to Cadena SER in Spain, European leagues will be completed before UEFA club competitions.
Games would be played behind closed doors and the possibility of playing Champions League and Europa League matches at neutral venues is not being ruled out.
The door is also open to the remaining ties in both tournaments being played over one leg rather than two.
Providing the deadline of early August is met, adds the radio station, the 2020-21 campaign can then start in September.
Italy and Spain were both worst hit by COVID-19, but the two nations have already begun easing their respective lockdowns.