The chairman of the European Club Association, Andrea Agnelli, confirmed these plans.
A third UEFA club competition is set to be introduced from the 2021-22 season.
UEFA is sticking to its recent remarks that it is "constantly reviewing" its competitions and has been "discussing various ideas within its club competitions committee before any decision on potential changes would be made".
"Pending approval of the Uefa executive committee, the "green light" has been given to introduce a third competition," said Agnelli.
Other discussions at the meeting in Croatia included when clubs must release players for national team duty, playing continental championships for national teams at the same time, and cutting back on domestic matches.
According to Sportbild, UEFA hope the new format will increase the quality and attractiveness of the Europa League for television viewers, sponsors and supporters, while also offering clubs from smaller nations the chance to compete in Europe.
Since then, Europe's top teams have met in the Champions League and Europa League, formerly known as the UEFA Cup.
"A detailed assessment of the existing International Match Calendar is required prior to presenting a new model post-2024".
"It is nearly obvious that a third competition will be added".
It's more likely that the Europa League will be altered by moving from a 48-team tournament to 32.
The Cup Winners' Cup ran for nearly 40 years before being abandoned in 1999 at a time when the Champions League was being expanded.
Uefa president Aleksander Ceferin had played down media reports on the subject when speaking to journalists in Monaco last month.