A new combined season-ending event, the World Cup of Tennis finals, will be the highlight of a series of historic reforms aimed at transforming the annual national team competitions.
The Swiss city was selected by the ITF board from a shortlist of six candidates across three continents that included Copenhagen, Istanbul, Miami, Turin and Wuhan.
The new format is due to start in November 2018 and run for a three-year period as the ITF looks to get the sport's top players to commit to the tournaments on a regular basis in an already crammed tennis schedule.
"Change is needed to ensure that we maximise the full potential of these iconic and historic competitions. We've consulted widely and listened carefully, and believe we will deliver an exceptional new event for fans, players and nations."
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The ITF hopes the introduction of a pre-selected finals venue will enable it to mirror the successful models used by the UEFA Champions League and the NFL's Super Bowl.
"All six cities were highly capable and presented outstanding bids, and each would have been an excellent choice. In the end, the Board felt that Geneva offered the best conditions for hosting this exciting and innovative new event, and will deliver a truly world-class event."
Earlier this month, organisers revealed Davis Cup matches will be played on a best-of-three-sets basis instead of the traditional five, with the 'dead rubber' policy also to be amended to reduce the number of meaningless matches.
The reforms are expected to be approved at the the next annual general meeting of the ITF in Ho Chi Minh City, Vietnam in August.