London is to host a new track and field event, the Athletics World Cup, starting this summer.
Great Britain and seven other nations including the United States and Jamaica, will compete in the inaugural event on the evenings of 14 and 15 July at the London Stadium.
South Africa, Germany, Poland, China and France are also set to take part in the new-look tournament, which has a prize money pot of $2m (£1.4m), with the winning team securing $450,000.
Just one man and one woman from each team will be selected for each event in a straight-final format. Every track and field event up to and including the 1,500m will be featured.
All nations will select a female athlete as team captain in order to mark 100 years since British women were given the right to vote.
"This is one of the exciting innovative events we are seeing in our sport and our thanks go to British Athletics and the Mayor of London for creating it and hosting it," said IAAF president Sebastian Coe.
"We have eight lanes, eight top nations, eight teams and a host of world class athletes lining up in each event to win the trophy and prize pot. This will be a fast-paced and exhilarating experience for athletes and fans."
Organisers hope the Athletics World Cup could become a regular event in the track and field calendar but that will depend on the response to this year's.
It also replaces The Meet, a proposed fast-paced athletics contest solely between Great Britain and the USA which had been scheduled for Saturday 21 July.
The Athletics World Cup will be competing for attention with both the football World Cup final and the Wimbledon finals, which take place over the same weekend.
“It’s great to see such an exciting head to head event confirmed to be taking place in London this summer," said South African sprinting star Wayde van Niekerk.
"The concept is one that will excite everyone in athletics and is sure to attract new fans to the sport."