The league announced the rule changes on Wednesday after Premiership clubs voted to have two 'Excluded Players' in their squads whose wages are not subject to the cap, which is increasing to 5.1 million pounds ($8.33 million).
Under the current rules a club can select one excluded player from the playing squad but from the 2015/16 season a second player can be signed who is exempt from the salary cap as long as they are new to the league and have not played in it in the last 12 months.
This opens the door for England's top clubs to lure the game's biggest names from overseas, including English players who opted to play for French clubs because they had bigger budgets.
"Currently the 'Excluded' player (from the salary cap) can be nominated from a club's current squad giving the clubs the ability to keep investing in English players to ensure they stay in Aviva Premiership Rugby," Premiership Rugby Chief Executive Mark McCafferty said in a statement.
"That will continue, but from the 2015-16 season clubs will be able to nominate a second 'Excluded' player. This will allow our clubs to attract the best players from other competitions who will add to our TV and commercial values."
Critics of the change point to France's Top 14 league after a plethora of high-profile imports from overseas, including many English and Welsh players, coincided with a downturn in the performance of the French national team.
The league, however, has introduced a 400,000 pounds ($652,760) Home Grown Player Credits to the salary cap which they say will encourage clubs to keep developing English players.
The credits apply to players who joined a club's academy before their 18th birthday and have stayed for two years or more.
"We are delighted to confirm the number of England qualified players in Aviva Premiership Rugby has passed 70 percent for the first time and we want to drive the numbers even higher,” McCafferty explained.
"The introduction of Home Grown Player Credits helps the enviable production line that has been established from our Academies to our Premiership squads and on to England.
"England and their clubs are getting stronger because of our commitment to the development of world class England players in Aviva Premiership Rugby; the most competitive league in the world. It is an essential part of our league and the strength of our system.
"Earlier in the summer we saw an England Under-20s team dominated by players from our Academies win their second IRB Junior World Cup in 12 months so the production line is getting stronger," he added.
"As we have already seen in the first two weeks of Aviva Premiership Rugby the league is compelling and dramatic, with a core of players desperate to play in next year's Rugby World Cup. It is performances for their clubs that win them places at the tournament."
England and Wales are hosting the rugby World Cup next year.
(Editing by Pritha Sarkar)
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