UEFA will launch a third European club competition from the start of the 2021-22 season, the European Club Association (ECA) president Andrea Agnelli confirmed on Tuesday.
The move would have to be validated at a future meeting of UEFA's Executive Committee; with the ECA later saying they expected a decision to be reached "before the end of the year."
In a statement sent to AFP, European football's governing body confirmed, that it is "constantly reviewing the format of its competitions and is looking at a variety of options in this respect."
"UEFA is discussing various ideas within its club competitions committee before any decision on potential changes would be made," it added.
Agnelli indicated the move would mean a total of 96 teams being involved across the three competitions.
With 48 sides currently involved in the Europa League group stage, that would likely mean that competition being reduced to 32 teams, with the same number competing in the Champions League group stage and the new competition.
"Following demands by ECA members to increase the overall number of clubs participating in UEFA's club competitions, the preferred option is to develop a third-tier competition of 32 teams," said a statement published by the ECA.
"A determining factor in reaching this position was the need to enhance the overall value of the competitions."
Details on how the new competition will work remain uncertain but it will not be a straight replacement for the Cup Winners' Cup, which ran for almost 40 years before being abandoned in 1999 at a time when the Champions League was being expanded.
(WIth input from agencies)