NASL will form the second tier of football in the States behind the Major League Soccer league, where David Beckham plies his trade with LA Galaxy.
The new league is a breakaway from the United Soccer League organisation which currently represents the lower leagues of the US game.
NASL was famous in the 70s for importing world famous football stars who were coming to the end of their careers, including Pele, Giorgio Chinaglia, Franz Beckenbauer, Johan Cruyff, George Best and Bobby Moore.
Bringing in household names enabled teams such as the New York Cosmos, founded by Atlantic Records legend Ahmet Ertegun, to generate peak attendances of over 70,000 per game.
Ultimately the transfer policy was financially unsustainable and the league ground to a halt in the 80s. The history of the Cosmos was recently remembered in the documentary 'Once in a Lifetime.'
The NASL name will now be reintroduced in a league comprising nine teams including the Carolina Railhawks, St Louis Soccer United and Montreal Impact.
Fans looking for a taste of the European game will be able to follow Crystal Palace Baltimore — it is not known if the club will be hiring a perm-a-tan chairman or a motormouth manager to top off the imitation of the original.
Speaking about the league NASL president and owner of the Carolina Railhawks Selby Wellman said he believed the reintroduction of the NASL name could result in better football.
"By becoming the NASL, we are paying respect to the players, coaches and leaders who were pioneers for men's professional soccer in North America, many of whom remain involved and committed to the growth of our game in various capacities throughout the U.S. and Canada.
"Further, by going with NASL, we're obligated to operate our league at a high standard befitting a name that means so much to the soccer community throughout North America.
Our intention is to offer an elite brand of soccer and outstanding experience for our partners and fans, something the old NASL did very well during its day. We will do the same in the new NASL."