The ICC has decided to come up with two new tournaments for the 2023-31 cycle.
A T20 Champions Cup will see the top 10 teams of the world fight it out across 48 matches.
This is the same number as last year's 50-over World Cup held in England and Wales.
Here are further details on the same.
The tournaments on offer during this phase
As per ESPNCricinfo, there would be a T20 Champions Cup which will be held in 2024 and 2028.
There will also be an ODI Champions Cup in 2025 and 2029, alongside the T20 World Cups in 2026 and 2030.
On top of that, there will be the 50-over ODI World Cups in 2027 and 2031.
What will the formats be like?
Looking at the two new tournaments, the 50-over Champions Cup will be a brief event.
It will be like the now defunct Champions Trophy and is set to see just six teams participate with 16 games on offer.
Meanwhile, the T20 Champions Cup has been designed to another World Cup as it will see 48 matches being played.
Why the proposal may not go down well?
ICC's full-member nations have been given until March 15 to submit expressions of interest to bid for global events in the 2023-2031 cycle.
This proposal may not go down well with BCCI, Cricket Australia and ECB as these three boards earlier expressed interest for having a broad window for bilateral cricket.
This would result in losses for the respective boards with lesser bilateral cricket.
Cricket Australia seeking to find balance
"We've got a responsibility as one of the leading countries to make the ICC strong and the countries who are part of the ICC. But we've also got to balance that with our own requirements around bilateral cricket," Cricket Australia chairman Earl Eddings told ESPNCricinfo last year.
The major aspect for Cricket Australia was to find a balance.
Some key details regarding ICC's proposal
Under the terms set out by the ICC for bidding, the host nation for each event would retain ticketing, hospitality, and catering revenues. Meanwhile, the ICC would retain all other commercial and broadcast rights.