Arsenal managing director Keith Edelman doesn't believe the Premiership's Big Four will leave the league.
But Edelman said in the News of the World: "I don't think that is right. We operate as a 20-club league.
"The league has been very successful and we have played our part in that, but collectivity is the strength of the league."
The concept of an 'international round' of matches from 2010-11 has faced an overwhelming backlash since the Premier League first announced it just over two weeks ago.
It appears more likely by the day that the plan will be consigned to the scrapheap but Edelman believes its critics need to think again.
"I think fans' reaction has been short-sighted in the UK," he said.
"I know football is an emotional game but sometimes you have to look at things analytically.
"That is what will be happening when the idea is reviewed over the next few months.
"I don't think it is dead in the water."