The top four teams will play off in finals.
Forrest said the new competition will not only help Australia retain their most talented players but also lure back those who are playing abroad.
He said the lucrative four-month contracts on offer would help ease the financial burden on the cash-strapped ARU, and boost the amount of players available for Wallabies selection.
But whether the competition is a success largely hinges on whether the ARU gives its endorsement.
If it does, then players who feature in the IPRC will still be eligible for Wallabies selection, and players will flock to it.
But if the ARU decides not to play ball, the IPRC will effectively be a rebel competition, and Australia's best players will likely shun it in favour of keeping their Wallabies dreams alive.
Forrest has held positive talks with the ARU, and he's confident the governing body will come to the party.
It's in stark contrast to a few weeks ago, when Forrest called on Clyne to resign after the decision to axe the Western Force from Super Rugby.
Forrest said the pair made peace before the Wallabies' clash with South Africa last week.
"There's been a fair bit of water under the bridge with Cameron and I," Forrest said.
"We had a frank and friendly discussion when he was here recently.
"We were cast as adversaries. We did not agree with the cancelling of this magnificent team [the Force]. In that adversarial form, we did have to go a little toe to toe.
"But now with the Western Force becoming an international team . . . there should be nothing but collaboration on behalf of Australian rugby."
The inaugural season of the IPRC will feature six teams.
Forrest said about 20 countries had already expressed interest in participating.
Singapore, China, Japan, South Korea, Sri Lanka, Hong Kong, Fiji, Malaysia, and Samoa are among the early favourites to participate.
Teams will recruit their own players but there will be a centralised player pool to help bolster the franchises that are based in weaker rugby areas.
The ARU confirmed it was in discussions with Forrest and his Minderoo team, but said it was too early to comment on specifics.
Star Wallaby Dane Haylett-Petty said he and his Force teammates would jump at the chance to play in the new competition if the ARU tick it off.
"That's a crucial step, being eligible to still play for the Wallabies," Haylett-Petty said.
"I know a lot of the boys will stick together and continue the journey we've started here at the Force."
How the Indo Pacific Rugby Championship will work:
* The inaugural season is set to feature six teams, starting in August 2018.
* The regular season will run for 10 rounds between August and October, with the top four teams reaching the finals.
* Areas that have expressed interest in entering a team include Japan, China, Singapore, Hong Kong, Samoa, Fiji, South Korea, Malaysia.
* If the ARU endorses the competition, players who sign for the IPRC will remain eligible to play for the Wallabies. If a player is chosen for Wallabies duties, the IPRC team will release that player for however long is needed.
* Forrest has promised to sponsor the National Rugby Championship if the ARU approve his new competition.
* The National Rugby Championship will run at a similar time to the IPRC.
* The IPRC also wants to work with the ARU High Performance team to improve talent identification, as well as athlete and coach development pathways.
* Forrest hopes this new competition will bolster Australia's chances of winning the 2019 World Cup in Tokyo.
* The IPRC hierarchy have already started talks with various broadcasters around the world. There's a strong chance this competition will be seen on free-to-air television in Australia.
* The IPRC is yet to be ticked off by World Rugby.
* Teams will be able to recruit their own high-profile players. There will also be a centralised player pool to ensure weaker rugby areas will be bolstered.
* The IPRC could feature rule changes such as increasing the number of points for a try, and any other changes that will encourage more of a running game.
* Things like music and other entertainment will also be incorporated to make it more of a spectacle.
