The new ten-over-a-side matches will run for around 90 minutes (45 minutes a side) in Sharjah.
The tournament will last just four days from 21st – 24th December, with the four teams selected through a draft later this month.
"The whole concept is exciting," said Eoin Morgan. "We all remember when the first time Twenty20 cricket was played and since then it [T20] has impacted the other formats.
"If this new idea takes off then I am sure it will also impact the other forms of the game."
The new league's president Salman Iqbal said: "Everyone has played T10 cricket on the streets and this will give more fire to cricket and will be a big step forward and people will definitely enjoy it.”
Other international stars Shahid Afridi of Pakistan, India's Virender Sehwag, Sri Lanka's Kumar Sangakkara and Pakistan’s Misbah al Hasan will feature.