Uefa set to introduce third club competition alongside Champions League and Europa League from 2021

Approval is expected to be a formality, with another competition sure to boost Uefa's already huge revenue

Uefa are preparing to roll out a third European club competition from 2021/22 pending the final approval from the executive committee, European Clubs Association executive Andrea Agnelli has confirmed.

The move has been in the pipeline for some time as Uefa looks to maximise the commercial potential of its top sides while continuing to reward domestic success with continental competition.

Agnelli was speaking at the general assembly of the ECA, a group that represents the interests of the continent's biggest teams but works closely with Uefa on a number of issues.

He said: "Pending approval of the Uefa executive committee, the 'green light' has been given to introduce a third competition.

"This would bring the overall number of clubs in European competition to 96, as of the 2021/22 season."

Approval is expected to be a formality, with another competition sure to boost Uefa's already huge revenue.

Uefa wants more clubs in European competition (Getty)

In 2015/16, European football's governing body made a record €4.6bn (£4.1bn) in revenue off the back of hosting the European Championships in France and a further €2.8bn (£2.5bn) revenue in 2016/17, the most recent year for which they have published their financial report.

Uefa is a not-for-profit organisation that redistributes its wealth through the European game but is currently sitting on cash reserves of €500m.