Davis Cup singles rubbers look set to be played in a best-of-three format after a series of reforms were approved by the ITF board of directors.
Tournament bosses have been looking for opportunities to lure the world's top players back to the event, with Andy Murray, Rafael Nadal and Roger Federer among the stars missing from this year's competition.
Under the approved plans, ties will continue to be played across three days but will be made up of four three-set singles rubbers and one five-set doubles match.
In addition, finalists in both the Davis Cup and Fed Cup will be guaranteed the choice of hosting their first-round tie the following year, with hosting costs also set to be reduced.
There is also a promise to limit the number of dead rubbers.
Bids to host Davis Cup and Fed Cup finals in a neutral venue are being assessed.
ITF President David Haggerty said: "Davis Cup and Fed Cup by BNP Paribas are two of the most iconic team competitions in sport, but there is no doubt change is needed to ensure that we maximise their full potential.
"While still needing AGM approval, we are confident that our national associations will see that to vote for these reforms is to vote for the long-term future of our competitions and our sport."
The ITF AGM takes place in Vietnam in August.