The Glasgow sides are hoping to enter reserve sides into a revamped 16-team fourth tier with two sides from both the Lowland and Highland League also joining.
The plans will be put to the SPFL and Scottish FA before clubs are asked to vote on them.
However, East Fife have ridiculed the proposals in an April 1st jibe with the club putting out a fake statement claiming they will be entering their own Colt team into League Two next season.
A message posted on the club’s official Twitter account stated: “BREAKING NEWS. East Fife FC are delighted to announce, that starting from next season (2021/22), East Fife U20's will be rebranded to East Fife FC - Colts. The EF Colts will start next season straight into an expanded @spfl League 2.”