The new plan is likely to set long-term targets for the organisation and provide guidelines as to how these targets should be achieved.
The ICC Executive Committee, which will have primary responsibility for developing the strategy through to 2023, met under the chairmanship of Cricket Australia supremo Wally Edwards in Melbourne last month, to set the wheels in motion for this important process.
"Work on this comprehensive and detailed process started last month and it is expected to be approved for implementation at the ICC Annual Conference in 2015," an ICC spokesman told PTI today.
"This gives us the opportunity to develop a long-term plan that focuses on sustaining and promoting Test cricket, improving attendances at all international cricket and increasing the number of competitive teams," the spokesman added.
The source also informed that although MCC's World Cricket Committee had suggested on game's parent body having a Vision Plan, the ICC had already put things in place.