The International Cricket Council is looking into the possibility of staging a global Twenty20 tournament.
Somerset won the 2005 Twenty20 title in England
A feasibility study is at an advanced stage and the ICC has looked at research carried out by the cricket boards of England and South Africa.
Some Test nations have voiced concerns about the impact of Twenty20 cricket on the 50 overs game.
But ECB chairman David Morgan said: "I now believe there is a move to embrace it on a controlled basis."
The ICC's management board will discuss the matter further at a meeting in March.
England launched Twenty20 three years ago and it has been a phenomenal success and is now played in South Africa, Sri Lanka and Pakistan.
Both New Zealand and Australia, who contested the first Twenty20 international in March, have included tournaments in their domestic cricket.
The West Indies are planning a Twenty20 competition with funds being ploughed into their game from Texas billionaire Allen Stanford.
India, Bangladesh and Zimbabwe have not made any plans yet for a Twenty20 trial.
Other considerations would be fixture congestion in an already busy cricket calendar.
Currently the ICC hosts the World Cup every four years and the Champions Trophy, a mini version of the World Cup, is held every two years.
The ICC is also in consultation with the organising committee of the 2010 Commonwealth Games in Delhi with a view to cricket being played at the Games, with a Twenty20 format, the most likely.