The 24-team tournament is set for the Far East and will replace the Confederations Cup in the football calendar, according to the New York Times.
They claim the decision to award the hosting rights to China will be announced this Friday in Shanghai.
Europe will have eight competitors in the competition, more than FIFA’s other five regional confederations.
The winners of the two elite European club competitions – the Champions League and the Europa League – over a four-year period would make up the eight UEFA teams involved.