A new World Cup of Tennis is set to be introduced from 2018 after the ITF announced Geneva as the preferred venue for the season-ending event that will combine the finals of the Davis Cup and Fed Cup.

The ITF on Wednesday announced the "historic reforms", which require approval at the organisation's AGM in August, with the event scheduled to begin next November, to be staged over three years.

ITF president David Haggerty said: "The creation of the World Cup of Tennis finals is at the heart of a series of reforms that represent the most significant changes in the history of Davis Cup and Fed Cup by BNP Paribas.

"Change is needed to ensure that we maximise the full potential of these iconic and historic competitions. We've consulted widely and listened carefully, and believe we will deliver an exceptional new event for fans, players and nations."

The governing body suggested that having a pre-determined host venue – with Geneva having been chosen ahead of five other contenders – would provide "a fitting global platform", aligning it with landmark events including the UEFA Champions League and NFL's Super Bowl.

"By providing Geneva with a full year to organise and promote the event, it will be able to fully maximise the competition's potential, elevating venue and hosting standards to a consistent grand slam level and delivering the very best athlete and fan experience," Haggerty added.

"All six cities were highly capable and presented outstanding bids, and each would have been an excellent choice. In the end, the board felt that Geneva offered the best conditions for hosting this exciting and innovative new event, and will deliver a truly world-class event."

Other reforms to have been approved by the ITF board include making all Davis Cup singles matches best of three sets and guaranteeing Davis Cup and Fed Cup finalists the choice of hosting their first-round tie the following year.