The former Pakistan batsman is set to pitch the concept to the ICC in the coming months, with an emphasis on delivering a product that is sure to excite "fatigued" fans of the game who have been placed in a cycle of viewing bilateral fixtures.
Speaking to ESPN, Raja said the new quadrangular structure would be the perfect platform to ensure some of cricket's most historic rivalries continue in blossom.
"My view is that a new structure based on pooling and sharing of income should be formed," he detailed.
"The idea is to register a company that works under the ICC and has a dedicated Chief Executive Officer regulating the entire financial model, with the income divided among all the members.
"There are numerous rivalries like Ashes, Pakistan-India rivalry so it can't go wrong when four T20 sides come and play each other. We need to whet the fans' appetite as they are getting fatigued, and we need to create something outside the FTP."
Despite the political tensions, Raja believes the concept can put those quarrels in the past as they eye the future of cricket.
"We want to move forward," Raja said.
"We have to talk about this and elaborate what we want to do. There is a potential discussion in the works that I want to table to the ICC and see how it goes."
Raja is poised to present his concept formally to the ICC in March.