Madrid has been selected to host the first two revamped Davis Cup finals in 2019 and 2020, the International Tennis Federation (ITF) announced on Thursday.
The revised week-long, 18-team finals are scheduled to be held at La Caja Magica, the current venue for the Madrid Open, in November 2019, while the following edition will be held at either the same location or the WiZink Center.
"We are delighted to be bringing the 2019 Davis Cup finals to Madrid," ITF President David Haggerty said in a statement.
"The city is a fitting location to stage the highest quality tennis. We look forward to working with the city to realise our ambitions of elevating the Davis Cup to a new level."
The new format will see a group stage take place over the first four days, with the participating countries split into six groups of three.
Each tie consists of two singles and one doubles match over a best-of-three set format, with the six group winners and two best second-placed teams qualifying for the quarter-finals.
Teams who finish fifth to 16th in the group stages will participate in qualifiers the following year, while the teams who finish 17th and 18th will be relegated to their respective Zone Groups.
The announcement comes a day after Argentina and Great Britain were handed wildcards to compete in the 2019 finals
Barcelona footballer Gerard Pique was involved in the decision to select Madrid as hosts. Pique is the founder of investment group Kosmos, who have financially supported the revamped competition, and sits on the Davis Cup Steering Commitee alongside Haggerty, ITF Vice President Rene Stammbach and former professional tennis player Galo Blanco.