At present, there are 24 teams in each of the Championship, League One and League Two, but under the plans there would be 20 teams over four divisions.
The Football League would look to implement its new structure from the 2019/20 campaign and will seek approval at the league’s annual general meeting in June 2017. At the meeting, 90% of the leagues' 72 clubs must approve in order for the proposals to go ahead.
Football League chief executive Shaun Harvey, said: “It is about taking a step back to try to work out what is best for English football. We hope that The Football League taking this first step is the catalyst for future change.”
He added: “The whole game needs to come together. It is about finding solutions that supports English football for the future.”
The new proposals follow the league's announcement last year that it would be rebranding from the 2016/17 season, changing its name to the English Football League (EFL), alongside a new logo.