It will replace this year's autumn internationals, the BBC reported.
The tournament is scheduled to begin on November 14, two weeks after the completion of the Six Nations Championship which was postponed due to the COVID-19 outbreak in March.
The report said England are likely to be in a four-team pool alongside Wales, Ireland and Fiji, while Scotland, France, Italy and Japan will make up the other group.
After playing each other once, the teams will face their corresponding-ranked side in the other pool on the final weekend.
England are scheduled to face Ireland and Fiji at Twickenham with the venue for the Wales game still to be decided.
The tournament will be staged on four consecutive weekends until December 5, in line with the temporary international window proposed by the World Rugby last week.