The International Cricket Council (ICC) board has given the green light to a nine-team Test league and a 13-team ODI league aimed at bringing context and meaning to bilateral cricket.
The schedules of the leagues, due to start in 2019 and 2020 respectively, will now be finalised.
The Test series league will see nine teams play six series over two years – three home and three away – with each having a minimum of two Tests and a maximum of five and all matches being played over five days culminating in a World Test League Championship final.
The ODI league will be a direct qualification pathway towards the ICC Cricket World Cup and will be contested by the 12 Full Members plus the winners of the current ICC World Cricket League Championship.
In the first edition of the league, each side will play four home and four away series each comprising of three ODIs moving to all teams playing each other from the second cycle onwards.
ICC chairman Shashank Manohar said: "I would like to congratulate our Members on reaching this agreement and putting the interests of the development of the game first.
"Bringing context to bilateral cricket is not a new challenge, but this is the first time a genuine solution has been agreed on.
"This means fans around the world can enjoy international cricket knowing every game counts and in the case of the ODI league, it counts towards qualification to the ICC Cricket World Cup."
ICC Chief Executive David Richardson said: "This is a significant point in time for ICC Members and our collective desire to secure a vibrant future for international bilateral cricket.
"The approval of both leagues is the conclusion of two years of work from the Members who have explored a whole range of options to bring context to every game."