UEFA are set to launch an all-new club competition that will run alongside the Champions League and Europa League.

According to reports from Bild, UEFA officials will meet after tonight's Champions League group stage draw to finalise plans for the new competition, which is slated to begin in the 2021/22 season.

The as-of-yet unnamed competition will be a third tier prize, ranking below the Champions League and Europa League, consisting of 32 teams.

The revamp will see the Europa League field reduced from 48 to 32 teams, while the number of teams in the final stages of the Champions League will remain the same at 32.

The new competition has been designed to give a bigger platform for teams from smaller European nations, who might struggle to otherwise progress from the preliminary qualifying rounds of the Champions League or Europa League.

It sounds like Scottish club teams could finally be coming to a European final near you.