The tournament, which last took place in 2004, is scheduled to run from September 17 to October 1 in Canada, and will involve eight teams featuring the best hockey players from around the world.

The competition will feature national teams from the United States, Canada, Russia, Sweden, Finland and the Czech Republic, and there will be two all-star teams, one made up of the top 23-and-under North American players and another featuring the top NHL players from the European countries that aren't represented by their national teams, including Switzerland, Germany, Slovenia, Austria, Norway, Denmark and Latvia.

The event will also involve the co-operation of the International Ice Hockey Federation (IIHF) and could mark the start of an overhaul to the hockey calendar, with a Ryder Cup-style tournament also reportedly in the pipeline.

"The IIHF welcomes the return of the World Cup of Hockey, a fantastic event that should help to raise the profile of our sport and promote the game worldwide," IIHF President René Fasel said.

"I applaud the NHL, the NHLPA, and the national associations for their hard work and close collaboration in bringing back such a premier international tournament to the hockey calendar."

The tournament format will involve two groups of four, with the top two sides in each group progressing to the semi-finals, and matches will be played on NHL-sized rinks using NHL rules and they will be officiated by NHL officials.

The event last took place in 2004 when Canada beat Finland to claim the title in Toronto ©Getty Images



"We are thrilled to partner with the NHLPA in planning and producing what we expect will be the world's best international hockey tournament," NHL commissioner Gary Bettman added.

"The 2016 World Cup of Hockey will highlight not only our global reach, but also the skill and passion of the world's best athletes."

Players for the North American team will be selected from a pool of Canada and the United States' best youngsters, while the European all-star outfit will be comprised of players from countries such as Slovakia, Switzerland, Germany, Austria and France among others.

According to ESPN.com, the 2016 event will be used as a stepping stone to a truly global competition in 2020, which will involve a qualifying event and the North American and European teams are likely to be scrapped.

"We look forward to working with the NHL, and the IIHF and its Federations on this extraordinary event," NHLPA executive director Donald Fehr said.

"We expect that this is the initial step in a series of events that will elevate our game over the next few years, including a World Cup in 2020."

Exhibition games, which will reportedly take place in Europe and in Buffalo, in the lead up to the 2016 tournament have also been touted, although this is yet to be confirmed.

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