The initiative is intended to be an incentive for all clubs to field their strongest players in the tournament, which has sometimes been dubbed the 'Worthless Cup' because of its lowly status compared with other football competitions.
Premier League clubs welcomed the plans and also gave the competition their unanimous support - a much-needed boost a few days before the Worthington Cup final at the Millennium Stadium between Tottenham Hotspur and Blackburn Rovers.
"Our clubs gave their full and unanimous backing to the competition, recognising the vital revenue streams which it provides to many football league clubs," a Premier League spokesman said.
"The clubs also backed the provision of a UEFA Cup place for the competition for at least the next two years."
Still unresolved is whether to allow Scottish clubs Celtic and Rangers to take part in the competition.
Reports in today's newspapers suggest that although Premier League chairmen have not publicly denounced the idea of including the Scottish teams, they are unlikely to allow them to enter the competition in the near future.
