Rugby leaders from Argentina, Brazil, Canada, Chile, Uruguay and the U.S. met in Miami this week to discuss the tournament, which has yet to be named.
"This is a historic moment for rugby in the Americas," Agustin Pichot, former Argentina captain and current president of the Pan American Rugby Association, said in a statement. "We had a very productive meeting in Miami and as a group of unions we believe that an American championship would contribute significantly to the development of the game in the Americas.
"There is a lot of work to be done but the future looks bright."
The tournament would see each team play five matches annually.
"Rugby Canada believes strongly in working with our partners across the Americas," said Rugby Canada CEO Graham Brown. "A competition that provides high-quality, consistent fixtures annually will help further ensure the growth of the game in both North and South America."