England are in line to host an inaugural International Cricket Council Twenty20 World Championship in 2009.
Twenty20 cricket has been a runaway success in England
The ICC Board has proposed that England be named as hosts subject to certain conditions, including the withdrawal of their bid for the 2015 World Cup.
But the England and Wales Cricket Board would be rewarded for stepping aside by staging the 2019 World Cup instead.
As a first step towards the Twenty20 Championship, the ICC plans to hold an invitational tournament next year.
But the plans revolve around a joint bid from India, Pakistan, Sri Lanka and Bangladesh to stage the 2011 World Cup being submitted before an extended deadline on 21 April.
Should an acceptable bid be received, it will then be considered alongside a rival submission from Australia or New Zealand.
Whichever bidder loses out for the 2011 competition would in theory be awarded it four years later, with England withdrawing from the race in return for guaranteed hosting of the Twenty20 Championship and the 2019 World Cup.
"We did reach an impasse and it's fair to allow more time for the Asian countries to make a fresh bid," ICC chief executive Malcolm Speed.
"Should the Board accept the bid, we will ask for assurances from all member countries for participation in the ICC Twenty20 Cup.
"It wouldn't be mandatory for the 2007 edition, but from 2009 and thereafter it will be."
England were among seven countries to express an interest in staging the first international Twenty20 competition, which is likely to last for about nine days.
And it would be appropriate for the inaugural tournament to be held in the country which pioneered the format, which has helped attract a new generation of fans to the game.
It was England's victory over Australia in a Twenty20 international which launched the Ashes frenzy last summer.
And since Twenty20 cricket was launched in England in 2002, it has spread rapidly around the world and domestic competitions now take place in South Africa, Pakistan, Sri Lanka and Australia.
The ICC Board, meanwhile, will meet again on 30 April to further consider the issue.
If the Asian bid for 2011 has not been submitted before the deadline, the World Cup would be awarded to Australia and New Zealand and England's bid for 2015 would stand.
"There was potential for an impasse on these two issues with several of our members holding strong views.
"But this approach has allowed us to map out a way forward on these important topics to try and reach consensus," ICC president Ehsan Mani commented.