UEFA have announced the Europa Conference League will be played alongside the Champions League and Europa League.
The new competition, which is for the level below the Europa League, will get underway in 2021.
In a statement, UEFA said: “The name of the third UEFA club competition will be UEFA Europa Conference League.
“The new competition will start in 2021 and is aimed at giving more clubs in more countries a chance to participate in European football.
Details are still to be confirmed, though it’s expected that one English team will enter the play-offs of the new tournament.
That’s likely to be the winners of the League Cup, or should they be in the top five of the Premier League, then it would be sixth or seventh in the table, also dependant on who wins the FA Cup.
UEFA also confirmed that VAR will be used from the beginning of the knockout stages in this season’s Europa League.
It was also announced that Wembley will host the Champions League final in 2023.
St Petersburg is set to host the showpiece match in 2021 while Munich’s Allianz Arena will have the honour of hosting the 2022 final.
The 2021 European Super Cup will be held in Belfast, with Sevilla's Ramon Sanchez Pizjuan hosting that year's Europa League final.
Wembley takes the 2023 Champions League final having also hosted in 2011 and 2013.
The old stadium hosted European Cup finals in 1963, 1968, 1971, 1978 and 1992.