Brazil and Argentina would be joined by Colombia, Chile, Peru, and Uruguay in being added to League A in the Nations League format, while Bolivia, Ecuador, Paraguay, and Venezuela would be included in League B.
The reports added that UEFA-vice president, Zbigniew Boniek, shed light on the upcoming joint competition.
According to Boniek, UEFA are in talks with the South American Football Confederation over a joint Nations League that would see Brazil and Argentina feature in the expanded competition.
Boniek said, “This is the last UEFA Nations League in this format. We had a meeting with CONMEBOL, the confederation of South American countries. From 2024, teams from this continent will join the competition.
“In what format will it be? We’re still working on it. The schedule of matches for the national teams is restricted, so you can’t mix it up too much.”
Meanwhile, the draw for the 2022/2021 UEFA Nations League was conducted on Thursday.
England will face Hungary, Germany and European champions Italy.
Nations League champions France take on Denmark, Croatia and Austria.
Runners-up Spain will play Portugal, Switzerland and the Czech Republic.
Belgium, the number one ranked team in the world, will take on the Netherlands, Poland and Wales.