Confirmation follows ratification from the International Table Tennis Federation (ITTF) Executive Committee.

The T2 format was introduced for the first time in professional table tennis in 2017, with matches held under a time limit.

Competitions feature a single table set-up, with the aim of having an intimate competition arena designed to boost both player and audience experience.

The ITTF said the T2 Diamond Championships will feature the world's best players, with a total prize pool of $1.5 million (£1.1 million/$1.3 million). 

"T2 Diamond gives the ITTF the perfect opportunity to test creative innovations, pushing the boundaries of the sport," said Steve Dainton, ITTF chief executive.

"This will open up the commercial potential for table tennis, and we're excited to see what else we can bring to the table."

Qualification will be based on the ITTF World Tour standings, with the governing body stating this will ensure the participation of the world's elite players.

The top 15 men's and women's players, based on standings at specific qualification cut-off dates, will be invited to compete in each T2 Diamond Championship.

The host city or venue partner will also be able to nominate one male and one female player to compete as a "host exemption".

Players will be able to earn world ranking points at the event, which would have a direct impact on the World Tour standings.

The ITTF said these points will be awarded as a bonus, meaning the events will impact the Tokyo 2020 Olympic qualification process.

"With the impressive prize money and bonus world ranking points at stake, T2 Diamond will definitely be an event all players would be looking to participate in, especially prior to the lead up towards the Tokyo 2020 Summer Olympic Games," said Belarus' Vladimir Samsonov, the former men's world number one

"T2 strives to be the catalyst for change and fully embraces innovation and new ideas."

The ITTF said the first cut off date will be on June 3, which will see players qualify for the first event on July 18 to 21.

The second cut off date will be on July 15 for the competition on September 26 to 29, while October 14 will be the date players for the November 28 to December 1 event are confirmed.

 The ITTF state that venues will be announced shortly.