Unai Emery won the Europa League three years in a row with Sevilla, and the Arsenal hierarchy are hoping he can repeat that feat with the Gunners.
European Club Association (ECA) president Andrea Agnelli confirmed the decision to introduce a new competition following a meeting in Split.
From 1960 to 1999, the Cup Winners' Cup pitted the winners of each country's domestic cup competition against one another to great success.
European Club Association chairman Andrea Agnelli told his members at a meeting in Split that the new event would see 96 sides competing in total.
UEFA has lifted its threat to ban Marseille from European competition for a repeat of the violence which marred last season's Europa League run.
Sport Bild reported last week that UEFA is set to launch a third club competition with 32 teams from 2021.
Europe's top club coaches have asked UEFA to review the use of the away goals rule in continental competitions.
Arsenal could be without midfielder Henrikh Mkhitaryan for a Europa League game this season after they were drawn against Qarabag.
Arsenal will face Sporting Lisbon, Azerbaijani side Qarabag and Ukrainian outfit Vorskla Poltava in the Europa League group stage.
European football's governing body has so far resisted implementation of the VAR system.
Burnley's European adventure came to an end on Friday as the Premier League side crashed out of the Europa League playoff round with a 1-1 draw.
Three or four good performances in the knockout stages could be all that is needed, compared to finishing ahead of Man United and Chelsea over 38.
Burnley ought to be excited about the chance to compete in the Europa League group stage this year but it could also do them more harm than good.
The Brazilian striker earned a straight red card for his foul on Jose Angel Crespo during the second leg of Spartak's 3-2 aggregate loss to PAOK.
A Burnley fan was stabbed in the leg and four others were injured in clashes in Athens before Thursday's Europa League playoff defeat by Olympiakos.
Burnley will need a rousing comeback next week after suffering a 3-1 away defeat to Olympiakos in the first leg of their Europa League playoff.
Erling Haaland is mentored by Manchester United legend Ole Gunnar Solskjaer, but he isn't following his countryman's route to Europe's top clubs.
Jack Cork scored an extra-time goal as Burnley beat Istanbul Basaksehir 1-0 to advance to a Europa League playoff with Olympiakos.
Diego Costa's first-minute goal for Atletico Madrid against Real Madrid on Wednesday was the fastest ever in a UEFA Super Cup.
New Juventus signing is one of 11 people included on the list following his overhead kick against now current club in the Champions League.
Rangers boss Steven Gerrard said his team "won't get carried away" with first-leg Europa League lead over Maribor.
A Europa League match in Austria was suspended on Thursday after a drinks cup thrown from the stands hit an assistant referee on the head.
Joe Hart kept a clean sheet on his Burnley debut as the Clarets came away with a goalless draw at Istanbul Basaksehir in their Europa League clash.