The proposed series would be in addition to the Rugby World Cup

The International Rugby Board, the sport's governing body, has started to look into the possibility of a biennial tournament between the top Test teams.

The IRB insisted that more work was needed to work out the logistics before a final decision could be reached.

Any series would only be possible in a year without a World Cup or Lions tour.

The current international calendar works on the basis of regular summer and autumn Tests, in addition to the established tournaments - the Six Nations, the Tri-Nations and the World Cup - and a British and Irish Lions tour every four years.

606: DEBATE Does rugby union need an Inter-Hemisphere Series?

One possible outcome is that the June and November Tests would continue as normal with the results counting towards a league table and the top two teams playing for a championship.

Australia Rugby Union chief executive John O'Neill said the proposal could help bring an end to situations such as England's tour of South Africa last year.

England picked a largely second-string squad because of club commitments, and suffered two heavy defeats in the Tests against the Springboks.

"I applaud the initiative that is designed to put more meaning into the June and November windows," said O'Neill.

"It's a work in progress, it's got a few wrinkles in it, but overall I've gone along with moving to the next stage.

"This has the potential - I stress potential - to put more meaning into the June window. The proof of the pudding will be in the eating, so there's a bit of distance to go.

A new competition is dependent on everyone being committed to the best versus the best Australia Rugby Union chief executive John O'Neill

"The important thing that drives our agenda is to ensure that the Test matches - the peak of rugby contests - are meaningful, that they have real significance, that there's something on the line and that it's the best playing the best.

"A new competition like a world series is dependent on everyone being committed to the best versus the best."

O'Neill also revealed that issues over the use of the bonus-point system - where teams are awarded points for scoring four or more tries or for narrow defeats - would also have to be ironed out.

"We are in favour of bonus points as we use them in Super 14 and Tri-Nations. There's lots of debates about those things and the northern hemisphere don't like those bonus point arrangements," O'Neill said.

"I think there's a fair few things on the checklist that need to be done to satisfy everyone that it is going to be worthwhile."

New Zealand Rugby Union chief executive Steve Tew said the concept could capture the public's imagination and help develop the game in Argentina.

The Pumas, who finished third at last year's World Cup, have struggled to find top-class Test opposition on a regular basis because of their absence from the Six Nations and Tri-Nations.

Argentina were a huge success at last year's World Cup

"The IRB feels the world series concept has more potential to grow and become a truly effective proposition than just a one-off match between the two winners," he said.

"They are signalling that Argentina will come into this world series concept from 2012 as they are now embarking on a regime of work to get themselves into a position where they can join the international community on a more regular basis."

The decision to look into the idea was taken at a consultation meeting in Hong Kong between IRB officials and the chief executives of the 10 senior unions.

"Ultimately the IRB will decide whether to go ahead with an Inter-Hemisphere Series concept once analysis and discussions have been completed," read an IRB statement.

"Taking into account the in-depth work needed on the concept and the time needed to reach consensus on any proposal with all relevant stakeholders, it is unlikely that any Inter-Hemisphere Series concept would kick-off before 2010."