The International Swimming League (ISL) is set to return to a bio-secure bubble in the first of three phases of the new season.
A city to be confirmed is due to stage the regular season from the end of August to the end of September, with 10 teams expected to battle it out over six weeks.
The ISL said it would be a similar setting to the previous campaign which saw a series of COVID-19 countermeasures put in place in Budapest to protect swimmers from the virus.
This year's regular season is set to be followed by a play-off phase over three weeks in November, featuring eight teams, and then a grand final at the end of December, although the venues are also yet to be confirmed.
Talks are taking place with cities in Asia, Europe and North America to secure hosting agreements, according to the ISL.
"We proved to the sporting world with season 2020 that the International Swimming League is a fantastic 'sportainment' product," said ISL founder Konstantin Grigorishin.
"Our athletes, coaches and general managers put on a spectacular show in Budapest.
"The ISL is here to stay.
"Now is the time to build on our momentum with a spectacular season three.
"We will continue to innovate, using our experience in Budapest and the feedback from our swimmers."
European-based Aqua Centurions, Energy Standard, Iron and London Roar are expected to join North American counterparts Cali Condors, who won last season's ISL, DC Trident, LA Current, NY Breakers and Toronto Titans as well as Japanese outfit Tokyo Frog Kings.
Jason Lezak, Kaitlin Sandeno, Lenny Krayzelburg and Tina Andrew are due to return as general managers of Cali Condors, DC Trident, LA Current and NY Breakers respectively.
Teams are set to contest four matches each with the top six qualifying automatically for the play-offs.
The bottom four sides are scheduled to race in another match to determine the holders of the two remaining spots.
During the play-offs, teams are expected to be play a further three matches with the top four advancing to the final.
"We believe we have a moral and financial obligation to our athletes, and the ISL will continue to support them during these incredibly challenging times for elite sport," said Grigorishin.
"By confirming our plans now, we hope to give them peace of mind as they continue to prepare for the major upcoming events in 2021, followed by ISL season three."
The ISL claimed it delivered an "incredible six-week competition" in the "COVID-free Budapest bubble" last year "against all the odds".
The league has faced opposition from the International Swimming Federation, which views the ISL as a rival to its own events.