The 10 chief executives were joined here by ICC chief executive Malcolm Speed, ICC president-elect David Morgan of England and India's Sunil Gavaskar, who heads the ICC's cricket committee.
The panel, comprising the chief executives of the ICC's 10 full member nations, said the tournament should be reduced from 16 to 14 teams and cut from 47 days to 38 with no Super Eights round.
The recommendations of the chief executives, who met in the Malaysian capital over the last two days, will be put forward to the ICC's decision-making Executive Board on March 18.
If approved, the next World Cup will be nine days shorter than last year's edition in the Caribbean which was roundly criticised for being unwieldy in size and length.
The 2011 World Cup is to be jointly organised by the four South Asian Test-playing nations, India, Pakistan, Sri Lanka and Bangladesh.
The panel also recommended a change in the tournament format with 14 teams divided into two groups with the top four in each grou