A new simplified format will be introduced for next year's ICC Champions Trophy in India.
The new format will see eight teams split into two groups of four, with the top two from each group qualifying for the semi-finals and final.
The previous system featured 12 teams divided into four groups of three.
ICC chief executive Malcolm Speed said: "It has addressed the main flaws of the previous system and we now look forward to an exciting major event in India."
The eight teams in the competition will comprise the top six sides in the ICC ODI Championship table on 1 April 2006, plus the top two teams from the initial qualifying round of the ICC Champions Trophy 2006.
The qualifying round will take place in India a few days before the group stage and involve a four-team round-robin play-off for the teams ranked 7-10 in the ODI Championship table.
The new format was approved at a meeting of the Board of International Cricket Council Development in Dublin.
"After the last ICC Champions Trophy we sought the opinions of a wide range of stakeholders and conducted a thorough review of the tournament's structure," added Speed.