Duncan Scott says he has the backing of British Swimming to join the breakaway International Swimming League (ISL).
However Scott, who last year became the first Scottish athlete to win six medals at the same Commonwealth Games, says his priority is a place on the Olympic podium in Tokyo next year.
The ISL is hoping to lure the sport's top stars into a lucrative competition.
"I think it's great for the sport," Olympic silver medallist Scott, 21, told BBC Scotland.
"They've obviously created this 'London team'. There's other teams around the world as well being created and getting world-class athletes representing them.
"They've pinpointed certain locations to host the final or a competition. I think it's all looking really good and it's just about getting it done, and I think maybe in a couple of years it'll pick up more pace."
The London team will be renamed later this year and is one of eight European or United States franchises that will compete in six events, with the London leg of the league taking place from 23-24 November.
"I've got to show that I'm interested and I've got to try and help the competition because it's got to start somewhere. If this has got to be the year, then this has got to be the year," said Scott.
"As far as I've been told, British Swimming are happy enough for us to sign up and compete, but we're tailored around the Olympic Games."