British newspaper The Times claim the sport's world governing body is hopeful the shortened version - Rugby X - can improve the game's finances and boost its international appeal much like Twenty20 did for cricket..
Five more tournaments have been planned around the world for next year, with broadcaster ITV in talks to acquire rights to show the initial event to be held in London's O2 Arena, it added.
The world's major rugby sevens nations including England, Australia, Wales, Fiji and France are potential participants.
