A total of 24 nations - up from the previous 20 - will compete in the six-week tournament in Australia, which begins in Perth on October 1, 2027, with a clash involving the Wallabies and a yet-to-be-determined opponent.
There will be six pools consisting of four teams each, with the top two from each group plus the four best third-placed teams qualifying for the knockout phase.
In previous World Cups, the quarter-finals marked the start of the knockout phase, but the expanded nature of 2027 means there will now be a last-16 phase for the first time.
The tournament draw will be held on December 3, with all 24 nations to find out their pool opponents.
The Wallabies are seventh in the rankings and will be desperate to rise into the top six to avoid facing a heavyweight nation in the pool stage.
The last time Australia hosted the World Cup - in 2003 - the Wallabies were sunk by England in the final after Jonny Wilkinson nailed a famous drop-goal deep into extra time.
The Wallabies didn't even make it out of the pool stage at the 2023 World Cup.
But with Australia having enjoyed a huge resurgence under departing coach Joe Schmidt, Tizzano has high hopes of silverware.
"I think any benchmark for any of those tier-one nations is to win it," Tizzano said at Kings Park in Perth on Wednesday at an event to mark two years until the World Cup.
"We are definitely building the foundations for that over the last while with Joe, and we're getting better every single week.
"It's really exciting times for Australian rugby, and the opportunity to have the opening match in Perth is such an honour. Super excited."
Schmidt will depart after Saturday's Bledisloe Cup match against the All Blacks in Perth, with Queensland Reds coach Les Kiss already named as his replacement.
World Rugby chair Brett Robinson said expanding the World Cup to 24 teams was a "landmark moment for our sport".
"It means more nations, more matches and more opportunities for fans around the world to connect with rugby," Robinson said.
"The introduction of a round of 16 will deliver even more knockout rugby, ensuring every match counts and every team has the chance to make history."
Adelaide, Brisbane, Melbourne, Newcastle, Perth, Sydney and Townsville will all host World Cup games.
Sydney will host both the semi-finals and the final.Â
Chile became the 23rd nation to lock in a spot after defeating Samoa 31-12 in the South America/Pacific play-off on Saturday.
The 24th and last position will be determined at the Final Qualification Tournament in Dubai from November 8-18.
South Africa have won the past two World Cups, but their hopes of a three-peat are expected to receive a stern test from the likes of New Zealand, Ireland, England, France, Argentina and Australia.
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