The SFA said the competition could be incorporated into the football calendar in 2011, as fixture congestion will prevent the tournament being added to the international schedule any earlier, but plans to rotate hosting the event between the four countries have been given the green light.
Two matches will be played on each match-day in February and May, under proposals supported by the four FA's.
"The four associations felt that the competition, in this format, would be attractive to both the media and supporters, and would provide respective international team managers with a meaningful competition in which to assess players," said an announcement on the SFA's website.