The leaders of the world's most important economies have agreed that the G20 group will replace the G8 as their main policy council, the Wall Street Journal reported Thursday.

Protesters approach police during a demonstration against the G20 economic summit in Pittsburgh, Pennsylvania.

 According to the US daily, the Group of 20 leaders will on Friday announce that the G20 will become the permanent body to oversee international economic cooperation as part of plans to rebalance the global economy.

The G20 comprises the eight major developed powers represented in the G8, but also the European Union and and further 11 major emerging economies keen for a seat at the top table, including India, China and Brazil.

The industrialized countries of the G8 will still meet occasionally to discuss non-economic matters, such as international security, but only on an ad hoc basis on the sidelines of other summits, the report said.

Summit hosts the United States would not immediately confirm the report, but the White House unexpectedly added an 8:30 am (1230 GMT) press conference to President Barack Obama's schedule on Friday.