The United Cup, a new $15m (£13.5m) mixed team event that carries rankings points, will open the 2023 tennis season in Australia.
The new tournament will launch on 29 December and conclude on 8 January, eight days before the Australian Open.
It will replace the short-lived ATP Cup, a men's team event which ran for three years between 2020 and 2022.
The ATP Cup, which struggled to attract large crowds because of the Covid pandemic, replaced the mixed team Hopman Cup, which was staged every January for 30 years until 2019.
"The United Cup is an important and strategic collaboration between the WTA, the ATP and Tennis Australia that reflects a continued commitment in elevating our sport," said WTA chief Steve Simon.