The International Cricket Council's board has agreed to set up test and one-day international leagues to crown champions in both formats.
The ICC says the test league will start almost immediately and culminate in a four-team playoff in 2013.
The ODI league will begin in April 2011 and run through April 2014, leading to a league champion. The ODI league will also provide rankings and automatic qualifiers for the World Cup. The ICC board also agreed to reduce the World Cup to a 10-team tournament starting in 2015 and increase the World Twenty20 to 16 teams from 2012, with the women's event continuing to run alongside.
Speaking on the occassion, ICC Chief Executive Haroon Lorgat said it will help maintain interest in all formats of the game.
"I'm quite excited by the proposals," said Lorgat. "I believe quite firmly that we've responded well to a very important strategic area for international cricket.”
"We're now very, very clear in terms of having a Test league, so there will be a type of championship model which will result in the top four teams qualifying to play in semi-finals and then a final,” he said.
Lorgat also suggested that the format will strike the right balance to ensure that all the formats of the game thrive equally.
"I'm convinced about the viability of all three formats at international level," he said categorically.
Lorgat also took the oppertunity to announce that the ICC will not shift its headquarters from Dubai as had been under speculation. “We are not shifting. and I am personally delighted that this matter has finally been resolved," he said.