The executive committee of UEFA have approved a third club competition for European clubs which will run between 2021 to 2024 at least.
The victor gains a place in the following season's Europa League, and will also be played on Thursdays, with a mid-afternoon, 16.30 Central European Time slot.
The Times revealed last month that Uefa is to fast-track the introduction of VARs after initially saying that it would only come in next season.
European football's governing body had already committed to using VAR in its competitions from 2019-20 onwards.
Video Assistant Referee (VAR) will be introduced from the round of 16 in this season's Champions League, tournament organisers UEFA has confirmed.
One English team will enter the play-offs of the new tournament, while Scottish sides may miss out on Europa League places in a reshuffle.
The format will see eight groups of four teams, followed by the round of 16, quarterfinals, semifinals and final.
"This has been achieved with a strategic approach, and in accordance with UEFA's objective of having both more quality and more inclusivity in our club competitions". As well as in the Champions League knock-out phase, the technology will also be used in the 2019 Europa League final.
That means teams from leagues below that level - which at the moment would include Scotland, Wales and Northern Ireland, excluding their champions - would go straight into "UEL2" qualifying rounds.
After the group stage, there will be a knockout round for UEL2 runners-up and the third-placed finishers in the Europa League to determine who advances to the round of 16.
LaLiga, the Bundesliga and Ligue 1 introduced it for this season, joining Serie A, the A-League and MLS in using video assistants.
"UEFA still plans to subsequently extend the use of VAR at the final tournament of UEFA EURO 2020, in the 2020/21 UEFA Europa League (group-stage onwards), and in the 2021 UEFA Nations League Finals".
The Champions League format does not change.
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