The quarter-finals, or eliminator round, would feature one-legged ties, with fifth hosting eighth and sixth at home to seventh.
In the two-legged semi-finals, third place would take on the lowest-ranked team remaining, with fourth facing the highest.
The final would still take place at Wembley at the end of May.
The change has been approved by the EFL board and the Football Association.
It requires a majority of clubs in the EFL (at least 37 of 72) and also in the Championship (at least 13 of 24) to vote in favour of the change at the extraordinary general meeting.
The Championship has what could be described as a master share in any vote to alter the regulations.
If passed, the new play-off system would be in place for the 2026-27 season.
It is seen as giving greater opportunities to clubs with fewer resources, perhaps without parachute payments, to compete for promotion to the Premier League.
At present there are no plans to expand the play-offs in League One or League Two, but its success will be assessed.
Four teams are currently relegated from League One. Because of that, seventh in League Two gets a play-off place.
The EFL will also discuss proposals to change promotion and relegation to three up, three down between League Two and the National League.
At present two teams are relegated, while only the National League champions are guaranteed a place in the EFL. The second place is filled through the play-off system.
However, there is no scheduled vote to change it.