No details of the new tournament have been released, but it is expected to start from 2021/22 pending the final approval, Uefa competitions committee executive Andrea Agnelli has confirmed.
The new competition has been in the pipeline for months and it is understood the heads of European football want to give more clubs from smaller nations the chance to play on the continental stage.
It will join the Champions League and Europa League to expand the overall number of clubs involved in European football to 96.
Juventus chief and European Clubs Association (ECA) chairman Agnelli said: “These new regulations will be even more effective than the ones we had in place which delivered astonishing results which have just been announced by UEFA”.
“Pending approval of the UEFA ExCo, the ‘green light’ has been given to introduce a third competition, bringing the overall number of clubs to 96, as of the 2021/22 season.
“A detailed assessment of the existing International Match Calendar is required prior to presenting a new model post-2024. The current model needs modernising.”
Agnelli was speaking at the ECA general assembly, a group that represents the interests of the continent’s biggest teams.
If the proposals go through, it would represent the biggest shake-up to European club competition since 2009, when the Intertoto Cup was disbanded and qualifying teams went into the newly-rebranded Europa League .