A shortened version of the Indian Premier League will be held every year from September.
The Board of Control for Cricket in India (BCCI) has decided to hold a two-week competition at an overseas venue.
The Twenty20 tournament will host the eight teams that already compete in the seven-week format in India.
The competition will bridge the gap in India's international calendar after the Champions League Twenty20 was discontinued last year.
Four England players appeared in the 2016 IPL in April and May - one-day captain Eoin Morgan, Jos Buttler, Chris Jordan and Sam Billings.