The United States Football League and the XFL on Thursday announced their intent to merge.

"Subject to customary regulatory approvals and if the transaction is consummated, the new league will establish best-in-class operations based on the most recent seasons of both leagues," the leagues said in a joint statement. 

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"This historic combination will anchor professional spring football with substantial capabilities and resources to ensure future growth and continue to enhance the development of the collective players, coaches, and staff that are coming together."

The leagues said more details will be announced at a later date.

Axios first reported the potential merger last week. According to the report, the hope is the new league will begin in 2024.

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FOX Corp., the parent company of Fox News, owns the USFL. Dwayne "The Rock" Johnson, Dany Garcia and RedBird Capital Partners own the XFL.

The rebooted USFL has run for two seasons since it returned in 2022. The league used team names from the original league and played in a hub model for the first season. In the second season, the league held contests at several different stadiums, which teams shared for the most part.

The XFL came back in 2023 after it initially rebooted in 2020 before being shut down and sold amid the coronavirus pandemic. Each team played in their own stadiums.

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Plenty of players have played in either spring league and gone on to make an NFL roster. Former USFL standout KaVontae Turpin was an All-USFL player in 2022 and joined the Dallas Cowboys. He made the Pro Bowl at the end of the 2022 season.