The event will run from 13-15 January 2023 with the goal of providing European players extra experience in the format heading into the Ryder Cup.
There will be two 10-man teams with Ryder Cup captain Luke Donald making the selections, with two team captains, set to be named at a later date, also involved in the running of the teams.
Donald will be involved with both teams inside the ropes across the three days, with one session of foursomes, one session of fourballs and one session of singles matches.
The format will also allow all 20 players taking part in each session.
The Englishman has been handed immense control over the Team Europe ahead of the Ryder Cup in Rome next year, with the announcement following the former world No 1 overhauling the qualification period, which will begin at this week’s BMW PGA Championship at Wentworth, while also introducing six captain’s picks.
The Hero Cup, which could act as a successor to the Seve Trophy, the biannual match play event, last played in 2013, involving teams from Great Britain and Ireland and Continental Europe.
Donald said: “I spoke to a number of former Ryder Cup Captains who were strong advocates of how similar events in the past have benefitted players who were pushing to make Ryder Cup teams, as well as their own captaincy journey.”
The two teams will be confirmed following the conclusion of the 2022 DP World Tour Championship, Dubai. DP World Tour Rankings will play a role in which players are picked.