"I have always dreamed of an Asean football league," he told reporters in Kuala Lumpur, Malaysia according to AFP.
"I will put money in an Asean league."
The Asean basketball league which was founded in 2009, could serve as a template to improve the quality of football in the region he added.
"It will be great to have an ASEAN football league like the European (Champions League). It will be exciting to see players from Malaysia and Singapore play,"
Fernandes also added his dismay at the drop in standards of regional teams when compared to other Asian nations who are performing far better in the world stage.
"We just need more competition," he said of his home country.
"If they (Malaysian teams) play everyday in a league like the Premier League we would have a great team.
"For me it is very sad. In the semi-finals of the Olympics, it is Japan against South Korea. When I was young we beat Japan and the South Korea. The difference is they have a very competitive league."Probably one day we can do something,"
An Asean league has been said to be in the works for sometime, with the Football Association of Singapore leading the development plans.
The S.League is currently host to three foreign teams in the 13 team competition, with two coming from the Asean region, namely Harimau Muda A and Brunei DPMM.