A trans-Tasman tournament has been agreed for 2021 featuring all 10 Super Rugby teams.
Rugby Australia (RA) and New Zealand Rugby (NZR) have agreed a new event that will contain 26 games over a packed six-week period.
All Blacks captain Sam Cane said the development was "awesome" and what all the players wanted.
The event will follow the two nations' domestic Super Rugby competitions, running from May 14 until a final on June 19.
All teams from Australia and New Zealand will play two home matches and two away games, while a Super Round will be held at a location that is yet to be confirmed, where every match will be played at the same venue over one weekend.
After five rounds, when teams from each nation have faced every outfit from the other, the top two teams in the table will meet in the final, which will be hosted by the side sitting first.
New Zealand Rugby chief executive Mark Robinson said: "Super Rugby Trans-Tasman is a great result for fans on both sides of the Tasman and is testament to the strength of the relationship between New Zealand Rugby and Rugby Australia.
"It has been a testing time for rugby in both countries, but also a chance to reimagine the game in our part of the world for 2021. The result is an exciting and innovative new competition, which will benefit fans, players, broadcasters and Super clubs."
Rugby Australia interim chief executive Rob Clarke added: "This is a truly historic day for rugby in the Southern Hemisphere, with the first ever Australian and New Zealand Super Rugby competition.
"This will generate enormous excitement across both countries with some of the best players in the world set to challenge each other after the conclusion of Super Rugby AU and Super Rugby Aotearoa."