Wrexham are one of four EFL clubs set to enter a new domestic cup competition which would see them gain access to European competition under the Welsh flag for the first time in three decades.
The proposal, subject to FA approval, would see Cardiff, Swansea, Newport and Phil Parkinson's League One compete in a revamped 16-team Welsh League Cup alongside 12 JD Cymru Premier clubs.
The Football Association of Wales announced that the winner of the competition will go into the qualifying rounds of the UEFA club competition.
Wrexham were the last Welsh EFL club to qualify for Europe domestically – playing in the Cup Winners' Cup in 1995-96 – although Swansea played in the Europa League under the English flag after winning the EFL Cup in 2013.
The FAW says Cardiff, Newport, Swansea and Wrexham have agreed to exclude any profit made from representing Wales in Europe from financial regulations in the EFL or English Premier League.
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Highlights from the Sky Bet League One match between Wrexham and Peterborough United
FAW chief executive Noel Mooney said: “This will be a game-changer in the development of the game as we work to unlock the full potential of Welsh football.
“It will unite Welsh football, improve the game at all levels and deliver significant social benefits across Wales, making our clubs and communities more sustainable.
“It will generate significant additional revenue through a revamped Welsh League Cup competition with expanded participation from the four top-ranked Welsh clubs participating in the English football pyramid.
Wrexham are pushing for promotion from League One
“This will be distributed through the JD Cymru Premier, Genero Adran Premier (Wales' top women's league) and local facilities across the country.
“It also represents a spirit of cooperation and collaboration between football associations across the UK ahead of the joint hosting of Euro 2028.”
The FAW believes the revamped Welsh Cup, which will be played in a four-round knockout competition format, could bring in an extra £3m per season.
Hollywood stars Rob McElhenney (left) and Ryan Reynolds own Wrexham
A potential EFL winner could boost Wales' UEFA club odds, with the country currently among the lowest in Europe.
The FAW say the plan has also been discussed with UEFA, the Secretary of State for Wales and the Welsh Government and, pending final approval, the competition will start next season.