The Super League, which CAF said will "breathe new life into African club competition", will be officially launched in August at the continent's governing body's assembly in Tanzania
No details were revealed regarding the number of participants in the planned tournament, which is set to run alongside the continent's flagship Champions League.
The announcement comes after CAF's 54 member associations last year voted unanimously to go ahead with the competition.
"We have been inundated with investors and sponsors, who are anxious to partner with us on the CAF Super League. It has huge potential to significantly uplift African football and to make it even more powerful," said CAF president Patrice Motsepe in a statement.
"A significant amount of the money from the CAF Super League will be invested back into African football and part of the process involves giving $1 million every year to every one of CAF's 54 Member Associations as a contribution to football and youth development."