The International Tennis Federation hopes to introduce a string of changes to the Davis and Fed Cups at their AGM in August 2017.
Cities will get the chance to bid to host the Davis and Fed Cup finals if recommendations put forward to the International Tennis Federation (ITF) annual general meeting are approved.
The ITF is keen to revamp both competitions and rather than having one side host the respective finals, cities could enter a process to hold the showcase events - similar to that used for Champions League finals in football.
Fed Cup organisers also hope to expand the current competition to include 16 teams in the World Group, bringing it in line with the Davis Cup format.
Recommendations to review the current best-of-five-sets format of the Davis Cup will also be put forward to the AGM in August 2017, with all seven suggested changes requiring a formal vote of approval.
"This is an exciting moment in the storied histories of these two much loved competitions," said ITF president David Haggerty.
"We have enjoyed significant fan interest in both competitions over recent years and remain determined to further grow that passion and support globally. The potential changes outlined today will help these unique international team tennis competitions to grow and prosper.
"A key goal for the ITF and member nations is to introduce a 16-team World Group in Fed Cup to ensure more nations from around the world have the opportunity each year to become world champions.
"Davis and Fed Cup remain the world's largest annual team events in sport, they are unmatched in terms of fan passion and excitement but we must continue to enhance and innovate.
"A fixed final will replicate the approach, seen in many other sports, for the tennis season's finale that players, fans, partners and broadcasters can better plan for."
Croatia will host the 2016 Davis Cup final in November against Argentina, while Czech Republic will go in search of a fifth Fed Cup title in six years when they travel to France earlier in the same month.