An 18-nation World Cup of Tennis Finals is planned as the International Tennis Federation (ITF) revamps the Davis Cup.
The week-long event, which would be held in November, has been unanimously endorsed by the ITF's board of directors and could start in 2019.
The ITF has outlined a 25-year, $3bn (£2.15bn) plan with an investment group founded by footballer Gerard Pique.
A two-thirds majority at the ITF annual general meeting will be required for final approval of the proposals.
That meeting is scheduled to take place in Orlando in August.
"Our vision is to create a major season-ending finale that will be a festival of tennis and entertainment, featuring the world's greatest players representing their nations to decide the Davis Cup champions," said ITF chairman David Haggerty.