The Davis Cup, which was founded in 1900, has been played in the current format since 1981.
The reformed event would see matches played over the best of three sets, culminating in a World Cup-style tournament to determine the world champions.
Twenty-four teams would compete in home and away ties in February, with 12 winning teams advancing to the finals in November.
The four semi-finalists from the previous year's tournament, plus two wildcards, would complete the 18 teams.
The finals - to be staged in Madrid or Lille from 18 to 24 November - would be a round-robin format before a knockout phase, with matches consisting of two singles and one doubles rubber.