Singapore will host the first leg of the six-a-side extravaganza in July, with further stops expected in Shanghai, Dubai and one other yet-to-be announced country.
Apart from the Test nations -- Australia, Bangladesh, England, India, New Zealand, Pakistan, South Africa, Sri Lanka and the West Indies -- the host country will field a team, there will be an All Star selection and a wildcard.
Among players confirmed for the All Stars are India captain Anil Kumble, former Zimbabwe captain Heath Streak, New Zealander Craig McMillan, Australian great Shane Warne and Sri Lanka's Romesh Kaluwitharana.
Each of the first three legs will offer 285,000 US dollars in prize money with the series concluding at a finale in the first quarter of next year for the top six teams, where the winner takes home one million dollars.
"With all the games and some of the big names we will have on the All Star team packed into one weekend, it is an ideal format," said Warne, who will captain an All Stars.
"All the guys are looking forward to visiting some great cities where we can help grow the game as well, so it is a great concept."
Organisers said they were in talks with the International Cricket Council to have the tournament officially sanctioned.
Ace spinner Kumble said he expected India to field a strong team.
"I have already spoken with some of the boys at home and although I will be on the All Star team, I am sure India will bring a very strong squad," he said.
McMillan, who hit a tournament best 13 sixes at last year's Twenty20 World Cup, said the format allowed players to be more creative than usual, which always gets the crowds going.
"For the players, we get to have a great time entertaining big crowds in packed stadiums, while for the fans, they see plenty of big hits and lots of action over a short period of time," he said. "It's a fun weekend."
The sixes is the shortest and most dynamic form of the game, featuring six-player teams rather than the traditional 11, with the premium on fast and furious entertainment and a party atmosphere.
Everyone except the wicketkeeper bowls one over each with a match lasting around 45 minutes, allowing 10-12 games to be played in a day.
Perhaps the best-known sixes tournament is held annually in Hong Kong, where the All Star team, led by Warne, lost last year to Sri Lanka.
Organisers of the iSixes World Series said they approached Hong Kong to be involved in the new tournament, but they declined.
The first leg in Singapore will be held from July 4-6 at the Singapore Cricket Club's Padang ground, which last hosted an international series in 1996 when India, Pakistan and Sri Lanka played a one-day series.
It was notable for Sri Lanka's Sanath Jayasuriya setting then-world records for the fastest one-day century (48 balls) and most sixes in an innings (11). Both matches were against Pakistan.
Dates for the other legs are yet to be determined.