The concept of a Test championship, first raised by a Chicago consultancy firm and promoted by Cricket Australia, has been discussed at International Cricket Council level for the past six months.
Discussions have also taken place about the viability of a bonus points system, which would discourage negative cricket.
The move might rankle the traditionalists, but administrators believe it could help enliven the game, giving context to each match played.
''There is still a lot of spadework that needs to be done,'' said Inderjit Singh Bindra, who is scheduled to assume the newly created role of principal adviser to the ICC from next month.
''The form, the format and the frequency are all part of the discussion at the moment,'' he added.
Though details have yet to be agreed, the competition is unlikely to take the form of a World Cup-style tournament, but rather a four-yearly home-and-away series, with points awarded for each match and a winner crowned at the conclusion.
However, there are a few important questions which still remain unanswered if the proposed Test championship gets an approval.
Australia, for one, is uncertain how such a format would affect its ''icon series'', including the Ashes. Others fear that such a system would lead to more series against rivals with little commercial appeal like the India-Pakistan matches.