The proposals, which would also reduce the power of the executive committee, will be presented in February to FIFA's Congress, which has the power to alter the statutes.
An independent committee will be established to perform integrity checks on potential FIFA Council candidates, which as proposed will include a minimum of one female candidate from each area's governing body.
"The proposals are only part of wider governance reforms required within FIFA and throughout world football".
"We want to emphasize to you the values and characteristics that we believe should be incorporated through the reforms", the sponsors wrote.
The Reform Committee, chaired by Swiss lawyer François Carrard, proposed introducing "maximum term limits of three terms of four years for the Fifa president as well as all members of the Fifa Council, the Audit and Compliance Committee and the judicial bodies".
The pair was arrested in Switzerland on Thursday at the request of the USA authorities, on suspicion of accepting millions of dollars of bribes.
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Senate GOP leaders need Democratic support to get the 60 votes required to pass the legislation. Kevin Cramer, R-N.D., said in a phone interview.
A drop in income after sponsors - and huge legal bills after the corruption scandal - has seen the world governing body hit hard in the pocket.
The objectives of the reforms are shown on a screen as FIFA's acting president Issa Hayatou addresses a news conference. FIFA's general secretary will oversee the organization's operational and business decisions.
The European Club Association (ECA), which represents more than 200 clubs including top sides like Real Madrid, Barcelona and Bayern Munich, said its members were "not prepared to be further ignored" and were leaving "all options open".
Expanding the World Cup to 40 teams is under consideration, although the decision to add eight more teams was deferred by FIFA's executive committee on Thursday. Dec 2, 2010: the day the World Cup finals tournament was handed to Qatar.
"Our commercial affiliates will continue to play an important role in the reform process as it moves forward, and will help ensure the adoption and implementation of a comprehensive package of reforms", Federation Internationale de Football Association said in a statement.
Kattner, using PowerPoint slides, explained that Fifa's task was to "manage the challenges" from now until February, when a special election will be held to replace Sepp Blatter, the current president who is suspended amid an ethics investigation.
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