Andy and Frank Schleck are reportedly set to race for a new team based in Luxembourg that will be set up by Brian Nygaard.
The brothers currently ride for the Saxo Bank team that is set to leaving cycling at the end of this year.
"It's official, we will not be riding with (Saxo Bank owner) Bjarne Riis in 2011," this month's Tour de France runner-up, Andy Schleck, told cyclingnews.com.
"It's been a fantastic five years for me. I've learnt a lot in that time. I'll stay friends with Bjarne but this is the end of the road for us as a team."
Nygaard recently left Team Sky, while Frank Schleck, who suffered a broken collarbone in a fall during stage three of the Tour de France, spent eight years with Riis.