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Liverpool and Chelsea are set to be two of the sides to compete in the revamped FIFA Club World Cup which has been awarded to China.

The extended competition is heading for the Far East from 2021 and will replace the Confederations Cup in the football calendar, report the New York Times.

It will see an end to the Club World Cup as an annual competition following the conclusion of next year's edition.

Europe will reportedly boast eight of the 24 teams to compete in the revamped tournament, with six coming from South America and the remained coming from other regional confederations.

The eight places are expected to be awarded to the winners of Europe's two flagship club competitions - the Champions League and the Europa League - over a four-year period.

(Image: Chelsea FC via Getty Images)

That would see Liverpool - who won last season's Champions League - and Chelsea - who won the Europa League - take part in the competition in 2021.

Real Madrid and Atletico Madrid would also compete as the winners of the two tournaments in the 2017-18 campaign.

It is reported FIFA chief Gianni Infantino had initially wanted 12 of the 24 spots to be allocated to European teams, but backed down after opposition from UEFA.

The thinking behind the extended tournament is to raise the profile of sides outside Europe, with the USA to host the 2026 World Cup.

After the 2021 edition of the Club World Cup, the following version in 2025 would likely also take place in the States.