World Rugby has given its approval for a new five-a-side version of the sport with an international tournament likely to be held in London this year, according to a report in the Times.

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, the report said.

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.