CONMEBOL chief Alejandro Dominguez says talks are underway to reintroduce the Intercontinental Cup.
The competition ran between 1960 and 2004, with the winners of the Champions League meeting the victors of the Copa Libertadores.
However, it has since been replaced by the FIFA Club World Cup, which has expanded to bring in winners of continental competitions from elsewhere.
Now 45-year-old Dominguez, a FIFA vice-president, says talks are being held over a potential venue for the fixtures, as well as possible sponsors, ahead of a potential return in 2018.
"There is a verbal agreement and now we need to take it forward," Dominguez told a radio station in his homeland, Paraguay.
"We are talking with UEFA about revamping the Intercontinental, and a new cup that would be played between the winner of the Europa League and the winner of Conmebol's Sudamericana.”
Dominguez also said talks were under way for an international match between the Copa America champions and the winners of the European Championship.