Luis Rubiales, the president of the Spanish Football Federation, said the new competition would comprise the top two from La Liga and the Copa del Rey finalists.
Since its inception in 1982 with a final over two legs, Barcelona have hoisted the trophy a record 13 times and its Argentine striker Lionel Messi has become the competition's leading marksman with 13 goals. Real Madrid have claimed the crown on 10 occasions.
Since 2004, either Real Madrid or Barcelona have played in the final.
"We want to ensure that the image of Spanish club football is not restricted to one or two clubs," said Rubiales.
In plans to be discussed in April, the winners of each of the semi-finals would advance to the final with the competition held over four or five days before the start of the new season.
"This change will open up the competition beyond these two or three sides to include different teams that may be attracted by this new source of revenue," Rubiales added.
Barcelona won their 13th SuperCup when they beat Sevilla 2-1 in a one-off final in Tangier in Morocco just before the start of the 2018/2019 Spanish season.