The plans have been given the “green light” according to Uefa head of competitions Andrea Agnelli, who was speaking at the annual general assembly of the European Club Association which is taking place in Croatia.
Once the Uefa Executive Committee has been confirmed the competition will begin in season 2021-2022 with 16 teams taking part.
It was an idea first put forward in 2015 and should offer more chances for Scottish clubs to progress in European football.
This year is the first in which two Scottish clubs have reached the group stages of the Europa League since its rebranding, albeit Celticdropped from the Champions League qualifiers.
It would also see the return of three club competitions in Europe following the abolishment of the Cup Winners’ Cup in 1999.
The tournament gave Scottish clubs some of their best and biggest European nights. Aberdeenwon the competition against Real Madrid in 1983, while Rangersdefeated Dynamo Moscow in the 1972 final and finished runner-up twice in the 1960s.