"This electoral college of players, coaches and journalists will make for more balance and better representation," explained Francois Moriniere, managing director of L'Equipe and France Football.
"It will also be a worldwide college of journalists, rather than a uniquely European one. All these things will lend the award more credibility."
The 2010 FIFA Ballon d'Or award ceremony will be a televized event held in Zurich, Switzerland on January 10, 2011.
"Football has become universal, so it is a good thing to present just one prize to the world's best player," said Blatter. "With this agreement, football is the real winner."