At its meeting in Singapore Saturday, ICC Board has decided to do away with the proposed Test Championship.
The Champions Trophy 50-over tournament, which was announced last year that it would be the final edtion in England, will instead be back. India won the Champions Trophy in England in 2013.
"The World Test Championship will be replaced with an ICC Champions Trophy in 2017 and 2021," ICC said in a media statement.
Giving reasons for scrapping the Test Championship, ICC said: "It proved impossible to come up with a format for a four-team finals event in Test cricket that fits the culture of Test cricket and preserves the integrity of the format."
The ICC said Champions Trophy was "very popular" and they want to build on its success.
"The most recent ICC Champions Trophy event proved to be very popular with supporters around the world and the future events will build on this success. It's also an event that any ICC Member (including the top Associate Members) can aspire to qualifying for by improving their performances in ODI cricket.
"With the ICC Champions Trophy alongside the ICC Cricket World Cup and ICC World Twenty20 and the formats and venues already confirmed for all of these events the ICC has a really attractive package for 2015-23 to take to the market."