It is currently being finalised and will come into effect for the 2014-2015 season after what has been described as a "significant consultation process with the sport's major stakeholders".

Under the new structure, the sport's top level of competition, the PSA World Series, will be limited to eight events per year, excluding the World Championship and World Series Finals.

Each tournament in the series will have to commit to a minimum thee-year stint on the calendar.

The move is a first for squash, which has previously run the professional game on a year-to-year basis.

As part of the shake-up, the current World Series Gold and World Series Platinum event standards will be amalgamated to ensure parity in prize money.

The J.P Morgan Tournament of Champions in New York's Grand Central Terminal has been confirmed for the next three years ©Getty Images



"Ensuring that the sport has a well structured annual season which is planned in advance is vital in ensuring the sport of squash can continue to grow sustainably on a global scale," said PSA chief executive Alex Gough.

"Moving from a position of annual insecurity to a new, three-year calendar, will ensure our players can focus their training to be at their best for the toughest competitions and allows us to continue to build on the sport's burgeoning popularity.

"We also feel that having a secured, structured format for the World Series will markedly increase our commercial and broadcast appeal, providing us with a platform from which we can fully focus on increasing the sport's profile around the world."

The World Championship will continue to be held annually in October/November, with the World Series Finals in May/June.

The finalised 2014-2017 calendar will be released in the "coming weeks".

Events including New York's iconic J.P Morgan Tournament of Champions, staged in Grand Central Terminal, and the long-standing Cathay Pacific Sung Hung Kai Financial Hong Kong, have already committed under the new terms.