The Europa League winners will get a place in the following season's Champions League from the 2015-16 season, a Uefa source told Reuters on Thursday.
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The change will boost the prestige of Uefa's secondary competition which has become largely over-shadowed by the Champions League in terms of prize money, credibility and media coverage over the last decade.
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The decision, approved at this week's executive committee meeting in London, will be announced at Uefa's annual Congress on Friday.
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The decision followed months of discussions between Europe's top clubs in the European Club Association (ECA) and Uefa's top officials including president Michel Platini.
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Despite the presence of many of Europe's leading clubs who have missed out on the Champions League, the Europa League retains an aura of being a consolation prize for the also-rans.
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Although a central marketing concept was added to the competition when it was rebranded in 2009, matches are played on Thursdays and are often shown on non-peak viewing channels.
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They also generate a tiny percentage of income the Champions League can bring.
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Uefa general secretary Gianni Infantino refused to comment on the planned change when he gave a news conference on Thursday, but said an announcement would be made at Friday's Congress.
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"Discussions have taken place about the Europa League and some changes are needed for that competition," he said.
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The Europa League, which succeeded the Uefa Cup in 2009-10 but retains the same trophy, features many of Europe's leading clubs who have missed out on a Champions League place.
If that was the case this season then Chelsea wouldn't have had to drag the top four spot with Arsenal and Tottenham.