The Uefa Cup will be renamed the Uefa Europa League next season, with the competition set to be extended.
The new-look competition will comprise 48 clubs in 12 groups of four, with teams playing each other home and away as opposed to just once as it stands now.
The top two in each group then join the eight third-placed Champions League clubs in a 32-club knock-out stage.
However, under the new format beaten cup finalists will no longer qualify for the competition.
The competition will also have its TV rights sold centrally, in the same way as the Champions League, which Uefa president, Michel Platini, believes will increase the clubs’ revenue.
“I am convinced the new format will give the Uefa Europa League a successful new impetus,” said Platini.
“These changes will improve this historic competition, which is very important for Uefa and for European football as it gives more fans, players and clubs the thrill of European club football.”
A statement on the Uefa website adds: “The new name and logo will help underline the tournament’s special character and unique sporting appeal.
“Uefa’s ambition in making these changes is to rejuvenate the competition in the light of the new European football landscape, which has shifted significantly with the continued success of the Champions League, so that the Uefa Europa League can establish itself as a major competition.”