He said he wants to deliver great football, which he said has been "one of the failings of the original league".
A formal announcement was scheduled for later Tuesday.
Announced earlier this year, the XFL is another attempt to re-imagine the game of football, with the official launch of the league coming in 2020. Luck, the father of NFL quarterback Andrew Luck, previously worked as an executive in the NFL and NCAA and was the president of the defunct NFL Europe. Before joining the NCAA, he spent four years as athletic director of West Virginia, orchestrating the school's move to the Big 12. Luck played in the National Football League for the Houston Oilers and was teammates with Archie Manning.
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8 teams will be selected to launch the league in 2020.
The XFL plans to have eight league-owned teams, 40-man rosters and a 10-week regular season during the NFL's offseason. He was also the first President and General Manager of Major League Soccer's Houston Dynamo, and led the organization to two MLS Cup titles.
"The XFL will be a labor of love as I get to combine my experiences as a player and executive", Luck wrote in an email to ESPN.
Football is America's favorite sport boasting over 85 million fans but the traditional season is just too short. McMahon is building the XFL with the same commitment and resolve that he has demonstrated building WWE into a global media and sports entertainment powerhouse. He pledged shorter games and an affordable family experience with teams that fans can have pride in.