Last week, Fifa and Infantino were accused of breaking trust “through deception”, in an open letter issued by Uefa, Concacaf and the Asian Football Confederation.
The letter, signed by the presidents and general secretaries of the three regional governing bodies, said recent controversy over the FFE proposal was fundamentally about “the integrity of the game, and the integrity of those elected to lead it”.
Earlier this month, Infantino received the backing of senior executives in a meeting in Morocco. The confederations of Africa, South America and Oceania have also backed Infantino.
The English Football Association is one of a number of organisations who have withdrawn their support for Infantino – who is scheduled to stand for a fourth term as president in March – a position backed by the Premier League.
“I don’t think the Fifa should be ever contemplating selling off a stake in the World Cup,” Masters told BBC Sport.
“They’re a not-for-profit organisation. They should really be holding that competition in trust for the future of football.
“I think it’s a bad idea, and the FA have taken the right position regards to Gianni [Infantino].”
At present there is no candidate who has put their name forward to stand against Infantino, before a 18 November deadline.
While Masters would not be drawn on specific people, he did express a hope for a “unity candidate” to come forward who could bring together all federations to work together to bring positive change at Fifa.
He said: “I think an emerging unity candidate should have on his or her agenda reform of Fifa, and perhaps even reform of the president’s role and how it interacts with those things.”