The ITF unveiled plans for a 25-year, $3 billion (2.4 billion euros) partnership with investment group Kosmos, founded by Barcelona football star Gerard Pique, to shake up the current format, which sits uneasily in the packed calendar.
Currently, the Davis Cup is structured around a 16-nation World Group, contested over four weekends during the year. The remaining countries are then divided into three regional zones.
ITF president David Haggerty described the proposed new format, which could be launched as early as next year pending a vote at the ITF general meeting in August, as "a complete game-changer for the ITF and for tennis".
Pique said: "Together we can elevate Davis Cup... to new heights by putting on a must-see World Cup of Tennis Finals featuring the top nations and top players."
The investment will see significant increases in prize money to lure the sport's top stars, who often skip Davis Cup matches, and provide funding for grassroots tennis projects.
The ITF said it was already liasing with potential hosts over launching the tournament in November 2019.
Each tie would consist of two singles and one doubles match over best-of-three sets as opposed to the current best-of-five rubbers format (four singles and one doubles match, each played over five sets).
The 16 World Group nations would automatically qualify for the finals, with a further two nations also selected.
The idea was backed by a host of the sport's leading players when Pique attended the Madrid Masters in May to outline his vision.
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