CONMEBOL want to expand the tournament from 12 to 16 teams.
A meeting at the South American organisation’s HQ in the near future will decide on the format, claim Globo Esporte.
While the most likely format will be the 10 teams of CONMEBOL plus the United States and Mexico, they are considering an expansion.
Latin countries in Europe and Japan have been discussed as guests of the tournament.
It will be the final time the competition takes place in odd years, with the tournament aligning itself with the European Championships from 2020 onwards.
The Copa America Centenario in 2016, which was won by Chile for their second consecutive title, included six invites, with Costa Rica, Jamaica, Haiti and Panama joining the USA and Mexico.