The IAAF's World Athletics Tour will be made up of 24 elite events, compared to 36 in 2005, spread over two levels.
The existing Golden League and Super Grand Prix meetings will form the top echelon while level two will be known as the IAAF Grand Prix, reports BBC Sport.
The two-tiered structure means there will be different prize money and qualification points on offer for the season-ending showcase, the World Athletics Final.
"The new World Athletics Tour, with a reduced number of higher quality meetings, will help us to maintain only the best meetings in the world under the IAAF umbrella," said IAAF president Lamine Diack.
Meanwhile, the IAAF has awarded the 2008 world indoor championships to Valencia in Spain, while the 2007 world cross country championships will be held in the Kenyan city of Mombassa.
