The winners and runners-up in this season's domestic Twenty20 tournament will take part in an eight-team international competition in the autumn.
Original proposals were that the winners of the multi-national showdown would pick up a £1million.
However, that has been revised to two-and-a-half times that figure, with the 20-over game's appeal highlighted by the recent Indian Premier League.
Two teams each from India, Australia, South Africa and England will take place in a venue yet to be confirmed - either India or the Middle East.
England and Wales Cricket Board chairman Giles Clarke and chief executive David Collier have been in discussion with their international counterparts this week.
The 15 matches will take place immediately after the end of the Champions Trophy in Pakistan, which concludes on September 28.
Shane Warne's IPL champions Rajasthan Royals and runners-up Chennai Super Kings will be joined by Victoria, Western Australia, the Titans, of Pretoria, and KwaZulu-Natal Dolphins.
"We are extremely grateful to our great friends from Australia, India and South Africa for their hard work and determination to get this tournament off the ground," said Clarke.
"The ECB Twenty20 Cup will be even more fiercely contested this season in the knowledge that the two teams who reach the final will qualify for the Champions League and the chance to win five million dollars.
"I am sure that the demand for tickets for this year's ECB Twenty20 Cup will be greater than ever."
Lancashire's Twenty20 Cup campaign begins away to Leicester Foxes on Wednesday. They then travel to Derby Phantoms before hosting Leicester at Old Trafford on Sunday, June 15. Tweet
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And what about teams who have players from the rebel series the ICL they will be banned so why sign someone who couldnt even make the very average New Zealand side, when the management had clearly stated they would only sign an overseas player if he was world class.