The World Cup of Hockey is expected to be held in Toronto when it is reborn in September 2016, Sportsnet has learned.

The NHL and NHL Players’ Association are currently working on the final details of an agreement that will fill out the international calendar for the next several years and believe that the Air Canada Centre is the ideal location to relaunch the World Cup, according to multiple sources familiar with the discussions.

When the event was last held in 2004, it was split between seven different venues in North America and Europe. The final was held in Toronto and won by Team Canada.

Several different formats were considered for the relaunch of the event before the sides agreed that the biggest impact would be made in the world’s largest hockey market.

In the future, it is believed that cities around the world might be subjected to a bidding process for the event, which one source indicated could generate as much as $100-million in revenue for the league and players.

The World Cup discussions are being held outside of any talks on future Olympic participation.

During his state of the league address before Game 1 of the Stanley Cup final on Wednesday, commissioner Gary Bettman said that the Board of Governors have not discussed the Olympics since the end of the tournament in Sochi, Russia.