The 20 Barclays Premier League clubs have unanimously agreed to further examine a proposal which would see 10 competitive fixtures hosted in five major cities over one weekend, beginning in January 2011.
Blair said: "Our take is that it's an interesting and innovative step.
"It's something we will want to watch with interest, to see how these plans develop.
"It will not be without its challenges. And it may not be easy convincing varying associations around the world to stage games.
"I'm not sure all associations would welcome foreign encroachment on their territory."
Blair is in frequent contact with the English Premier League's chief executive Richard Scudamore, who announced the ground-breaking project in London on Thursday.
"I'm guessing Richard's ambition is two-fold," said Blair. "It will be to promote the English game and to generate commercial success.
"That might mean they're less than welcome in some parts of the world."
The SPL do not envisage carrying out a project of such a scale themselves, however there was an approach from Australian agent Lou Sticca in 2004 with a view to staging a match Down Under between Hearts and Celtic.