The Fed Cup’s existing format will be scrapped next year when a 12-nation Finals week will be staged in Budapest in April, the International Tennis Federation confirmed on Thursday.

The move follows a revamp of the men’s Davis Cup which will culminate in an 18-nation event in Madrid in November.

At a news conference held at Queen’s Club it was confirmed that Budapest would host the event until 2022.

There will be an $18 million prize fund for the Finals, which will be played on clay.

Four nations, this year’s finalists France and Australia, hosts Hungary and one wildcard, will be exempted through to the Finals with the other eight coming through playoffs in February.