A Twenty20 World Championship could take place as soon as September 2007 after plans were endorsed by the leading Test nations.
The ICC chief executives' committee also recommended an end to the controversial trial of the super-sub rule in one-day internationals.
And it would like to see the ICC Champions Trophy cut to eight teams.
The recommendations must be approved by cricket board chairmen at the ICC Board meeting in Dubai in March.
"In practice, teams have elected to nominate a specialist player, placing undue importance on winning the toss"
The success of Twenty20 cricket at international level in England, Australia and New Zealand has helped overturn initial opposition.
A proposed format for an event spanning just nine days was put to the 10 national board chief executives, including England's David Collier.
Trial rules explained
"We have already received bids from six to seven countries who are willing to play host to the [Twenty20] event," said ICC chief executive Malcolm Speed.
"These proposals provide the Executive Board with the option of including Twenty20 cricket on the international cricket calendar and revamping the ICC Champions Trophy to provide a shorter, sharper event."
"Both formats could be played in a number of countries at different times of the year to fit in with the overall demands on international teams."
Subject to ICC Board approval, the super-sub rule will not apply after 21 March but the powerplay fielding regulation will stay until April at least.
"The intention was to encourage teams to make use of all-rounders," said ICC general manager David Richardson.
"In practice, teams have elected to nominate a specialist player, placing undue importance on winning the toss.
"We did not support the alternate view of allowing substitutes to be nominated after the toss."
A final decision on the powerplay regulations is to be deferred to the April meeting of the ICC Cricket Committee, chaired by former India great Sunil Gavaskar.