The introduction of the technology comes after clubs voted unanimously against its use in England's top flight during the 2018-19 campaign, instead agreeing to continue testing of the system.
The Premier League has finally dragged itself over the finishing line.
The Premier League clubs also chose to keep the early closing of the summer transfer window before the start of the season, despite the idea being widely regarded this year as counterproductive and placing them at a disadvantage relative to European rivals.
The Premier League will now make a formal request to the International Football Association Board and FIFA in order to introduce the technology.
The prospect was discussed at a shareholder's meeting and agreed "in principle" to follow the lead set in Serie A, the Bundesliga and La Liga and after its implementation at the World Cup in Russian Federation.
David Hockney painting fetches record $90M at NY auction
One, fully clothed, stands at the edge of a swimming pool gazing down at another, who is submerged. He said: "It has all the elements that you would want in a Hockney painting".
During a meeting attended by key members of all 20 Premier League clubs, officials were presented with an update on the non-live VAR trials taking place.
VAR was also used at this summer's FIFA World Cup 2018 in Russian Federation, the first time it had been introduced to a major football tournament.
The referee has the information relayed through his earpiece by the VAR team.
How VAR decisions are communicated to the fans in the stadiums will also be addressed, the league confirmed.
Managers Mark Hughes and Slavisa Jokanovic were the latest this weekend to be outraged at decisions going against them.