The International Cricket Council (ICC) Executive Board Saturday decided scrap the proposed World Test Championship and reinstate the highly popular Champions Trophy for 2017 and 2021.
"It proved impossible to come up with a format for a four-team finals event in Test cricket that fits the culture of Test cricket and preserves the integrity of the format," an ICC statement read.
"With the ICC Champions Trophy alongside the ICC Cricket World Cup and ICC World Twenty20 and the formats and venues already confirmed for all of these events the ICC has a really attractive package for 2015-23 to take to the market."
The most recent ICC Champions Trophy event (England and Wales, 2013) proved to be very popular with supporters around the world.
It's also an event that any ICC Member (including the top Associate Members) can aspire to qualify for by improving their performances in ODI cricket.
ICC had earlier said that the Champions Trophy 2013, 50-over tournament would be the last edition. India had beaten England in the final last year.
First held in 1998, the Champions Trophy was held every two years, except for the 2008 edition, which was postponed until the following year.