The idea will be the main focus of talks between IRB chairman Bernard Lapasset, deputy Bill Beaumont and the four home unions, France, South Africa, Australia and New Zealand at the Tier One CEOs meeting, but the possibility of a global tournament to run in between World Cups is also expected to be explored.
Hong Kong, who are set to host a Test match between Australia and New Zealand in the autumn, have already indicated they would be extremely interested in staging any 'best of the best' clash.
"We believe Hong Kong would be an excellent venue for such a game," Allan Payne, Hong Kong Rugby Football Union executive director, told the South China Morning Post.
"Part of our strategic plan is to look at hosting international matches and it would be a tremendous honour if we were asked to host this match."
Officials from both the Wallabies and the Kiwis will arrive in Hong Kong this week to look into facilities available for what would be the first encounter between the two sides on neutral ground outside of a World Cup.
Although the match is yet to officially be confirmed, Payne is confident there will be no obstacles preventing the IRB-sanctioned clash from going ahead.
"While nothing's been finalised yet, all parties, including the government, have welcomed the idea with great enthusiasm," added Payne.
"This support should give rugby officials a big boost as they make a play to host the touted global championship."