According to the proposal the implementation would last a whole year and divide nations into first, second and third divisions, reads the report.
The proposal comes with FIFA conducting a broad review of international tournaments ahead of next summer's World Cup.
Friendlies have proved increasingly unpopular given the focus on club football and there is a growing perception that they are nothing more than a distraction.
The 'World League' appears to have similarities to the 'UEFA Nations League', which is how European countries will qualify for the 2020 European Championship.
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FIFA is now discussing the idea of the 'World League', which would likely be introduced in 2019 and involve sides from different continents.
The divisions would represent the quality of the countries involved using the world rankings as a criteria, and would be played over the duration of a year.
It might not be the only overhaul planned by football's world governing body. FIFA President Gianni Infantino has revealed that all competitions in men's and women's international football will be evaluated to make them more attractive to a wider audience and that the review will be completed by March next year.