Diego Maradona and Romario have vowed to expose the South American Football Confederation (Conmebol) for failing to reinvest funds generated by the clubs back into the regional game.
Despite representing rival national teams with Argentina and Brazil during their respective playing careers, the pair are united in their bid to reveal corruption.
The former Argentina international and Romario met with 20 clubs on Wednesday, where they vowed to cleanse South American football of its shady element amid accusations that the continent's governing body has withheld significant sums of money.
"We have seen, with astonishment and great sadness, that football is for just a few," Maradona told reporters.
"It doesn't belong to the clubs, the supporters or the players. So we are going to form a commission to unmask these people who do so much harm to the game.
"It's very serious, but thanks to all of us who are not afraid of those people ... we are here so that we can have a more transparent football."
The ex-Brazil forward, who is now a congressman, added that the situation was far more sinister than first feared and labelled it a "disgrace".
He added: "The situation is really much more serious than we imagined.
"What has been presented here is one of the biggest disgraces that I have seen. I couldn't imagine that there was an institution which did so much harm to the sport.
"We have to get more people together. The clubs, the ex-players and the current players have to take the fight to Conmebol.
"It's a movement for transparency and dignity in football."
Nestor Benitez, a Conmebol spokesman, did not confirm or deny the accusations, simply stating: "Everyone has the right to their opinion, football is generous and is an open field for all opinions."