The Imran Khan Flood Relief organisation would reportedly seek to tackle both immediate emergency and long-term rehabilitation work.
"The government has totally collapsed, its efforts to raise money have totally failed because no one trusts the government," The Telegraph quoted Khan, as saying.
Khan said he would also seek to mobilise thousands of Pakistanis to support his cause, to produce an army of volunteers to carry out the work.
The floods have ravaged at least a fifth of the landmass of Pakistan and has hit 20 million people, with the waters continuing to envelop new areas, the paper reported.
The international community has pledged 353 million dollars to the floods cause, though much of that money has yet to be delivered.
"The money coming into Pakistan is peanuts, so I decided I had to do something," Khan added. (ANI)