According to Reuters, the event, to be held every two years in addition to the quadrennial World Cup, would be called "Final 8".

It would form the conclusion to the new Nations League, put forward by Infantino alongside an expanded 24-team Club World Cup.

The "Final 8" tournament would take place in October or November of each odd year, according to a letter from Infantino obtained by Reuters, starting in 2021.

The changes to FIFA's portfolio of competitions, which also includes the scrapping of the Confederations Cup, are part of a reform of international football which FIFA believes could be worth $25 billion (£18 billion/€21 billion) over 12 years.

The revamp is backed by an investment group, described by Infantino as "solid and serious", who offered to spend $25 billion on the new tournaments.

The plans have been sent to members of FIFA's ruling Council, who would need to approve any changes to the current football calendar.

Infantino also raised the issue at a fractious Council meeting in Bogotá in March.

The FIFA President then called an emergency meeting of the Bureau of the Council - comprised of Infantino and the five Confederation heads - after world football's governing body received the investment offer.

The meeting was held in Zurich on Monday (April 30).

FIFA released little detail about the meeting but confirmed a working group would be established to "analyse further the relevance and feasibility of staging both competitions".

The letter sent by Infantino also revealed European countries could receive as much as $50 million (£37 million/€42 million) for participating in a single UEFA Nations League campaign.

The new event is due to launch later this year and is designed to replace friendly matches in favour of more competitive contests.

The Confederation of North, Central American and Caribbean Association Football is also launching a Nations League in September.

Infantino adressed suggestions that the new competitions were being created purely for financial reasons as he continues to find a way to fund his pledge to Member Associations to give them $5 million (£3.5 million/€4 million) every four years for football development, which helped him secure the FIFA Presidency in February 2016.

"This means that FIFA as an organisation would not benefit financially from this competition,” he said in the letter, according to Reuters.

“We believe this offer is an excellent opportunity for the confederations and member associations as well as for football in general."