The inaugural tournament, which will have a winners' prize of $5 million, will reportedly comprise eight teams, playing 15 games. The teams would be the winners and runners up of the national Twenty20 club competitions in Australia, England, India and South Africa.
Dubai is reportedly emerging as the favourite to host the inaugural event.
Giles Clarke, chairman of the England and Wales Cricket Board, said: “We are extremely grateful to our great friends from Australia, India and South Africa for their hard work and determination to get this tournament off the ground. The Twenty20 Cup will be even more fiercely contested this season in the knowledge that the two teams in the final will have the chance to win five million dollars. I'm sure the demand for tickets for this year's Twenty 20 Cup will be greater than ever.”
