FIFA President Gianni Infantino will ask members of his executive council to approve plans for a new global women’s league.
The competition would see 16 of the top women’s national teams with the competition set to take place as early as November 2019.
The 16 teams will be divided into four groups and play in mini tournaments before the semi-finals and final.
There are also plans to add four regional leagues to encourage the development of women's national teams with games to be played in spring.
There would be a promotion and relegation system with the best teams from those regional league have the chance to win promotion to the top division.
The idea is to grow an interest in women's football which until now has been largely financed by FIFA selling the men’s World Cup.
Currently, there is only two global tournaments for women national teams: the World Cup and Olympics.
FIFA officials believe adding the governing body’s branding and support to the new event would attract greater sponsor and fan interest.
While it could possibly give national teams the opportunity to play more regular games but there could be a risk of losing the already established Algarve Cup, Cyprus Cup and She Believes Cup.
Some news outlets including The New York Times have questioned whether the proposed tournament will make tournaments like the World Cup or Olympics less special.