Gianni Infantino has suggested a mini-World Cup is held every two years featuring eight national teams, in place of the traditional global showpiece that's used as 'preparation' for the FIFA World Cup.
While the Confederations Cup has a representative of each continent, as winners of their respective continental competitions compete against each other.
The new tournament proposed as the 'Final 8' - will be a part of a new Global nations League competition.
According to reports from Reuters and Spanish publication AS, the new tournament could be staged as of October or November 2021, with a group of investors backing the international league idea.
The report states the investors are willing to spend $25b (R316 trillion) on the revamped showpiece, which will also include a new Club World Cup format with 24 teams.
With the plans still in an ongoing discussion, no indication has been made over how many allocated sides will be set for each region.
The idea will also change the current effectiveness of the FIFA rankings systems as each continental league will have a relegation and promotion aspect to it.
However, this will require every continent to set up similar competitions for the global tournament to take place.