The International Chess Federation (FIDE) and Chess.com announced the Online Nations Cup which will see six teams take part.
The participating teams are Russia, USA, Europe, China and India plus a team representing the “Rest of the World,” FIDE said on its website.
Two retired legends, Garry Kasparov and Vladimir Kramnik, will be the captains for the European and Indian teams respectively. A former world championship rival of the two — Anand — will defend the first board for India.
The event would see six teams of four players each fight under a rapidplay format, for a prize fund of $180,000 (166,109 euros).
It is expected to feature nearly all the top players in the world.
The first stage, a double round-robin with the six teams, will take place on May 5-9. The top two teams will then play in a Superfinal on May 10 to determine the FIDE Chess.com Online Nations Cup champion.
The exact composition of the teams will be confirmed on Wednesday. The preliminary entry list includes three generations of the best players: from 50-year-old Anand (multiple-time world champion and still in the world’s top-20) to the newest chess phenomenon, the 16-year-old Iranian GM Alireza Firouzja.
FIDE said the move represents the latest initiative by it to shift its activities to the online arena.