Lennox Lewis (right) and Shannon Briggs box for the WBC heavyweight title ...
The World Boxing Council and the World Boxing Association hope the move will lead to the creation of just one champion in each weight category.
A WBC official said the two bodies will also create a single set of rules.
Eduardo Lamazon, executive secretary of the WBC, said: "This is a very ambitious project for us.
"We're talking about a project that will take many months, but I think it will bring results within the year."
Promoters must, of course, be persuaded of the merits of the deal and WBC plans to present them with the proposal at its annual convention in October, Mr Lamazon said.
The agreement was sealed in Mexico City by WBA president Gilberto Mendoza and WBC president Jose Sulaiman.
Under the rules merger they will standardise the names of weight categories, the awarding of points, procedures for drug testing, weights of gloves and rules for deciding technical knockouts.