Britain, the United States, Poland, China, Germany, France, Jamaica and South Africa will compete at the London Stadium on July 14-15.
The tournament follows last year's world athletics championships in the British capital, which also hosted the Olympics in 2012.
The competition format will feature all field events and track events up to and including the 1500m, with just one man and one woman from each nation in each event.
Each nation will be competing for a USD2 million prize pot over two evening sessions of athletics under the lights.
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Sebastian Coe, president of athletics' world governing body the IAAF, hailed the "innovative" event.
"We have eight lanes, eight top nations, eight teams and a host of world-class athletes lining up in each event to win the trophy and prize pot. This will be a fast-paced and exhilarating experience for athletes and fans."
"When you have a new concept in sport, actually what better time to do it than when everyone's talking about the football World Cup," he asked.
"There is no global athletics event this year and there's certainly space for a global team event," he said. "The public likes medals and flags in simple terms. It's a sugar rush of a 10-day athletics competition crammed into two days."
"We'll select the British champion (in each event) but we don't know what the other nations will do," he added. "It's up to the individual countries how they select their athletes.