Uefa plans to introduce a third European club competition alongside the Champions League and Europa League from 2021.
Head of the European Club Association, Andrea Agnelli, said "the green light has been given", pending approval.
He did not give any more details on how the tournament would be organised or when it would be staged.
Agnelli, who is also chairman of Italian champions Juventus, said: "The current model needs modernising."
Speaking at the annual general assembly of the ECA in Croatia, he added: "A detailed assessment of the existing international match calendar is required prior to presenting a new model post-2024."
Uefa plans third European club competition from 2021
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