Forty F1 crosses obtained from 5 × 8 line by tester mating design methodology were studied. The varieties Chirpan-539, Sirius, Darmi (Bulgarian selection), Nazili 954 (Turkish) and FR-H-1002 (Spanish) were used as female parents, selection lines 449, 489, 639, 535, 550, 572, 578 and 678 were used as male parents. The aim of the study was to identify the best F1 crosses for improving lint percentage and fiber length in new cotton varieties, by applying a new approach to select parents with the highest possible general combining ability (GCA) for both traits. Crosses and their parents were sown in one row, randomized in three replications. The highest values of the GCA effects of the two parental forms for each trait were taken as “ideal” and the Euclidean distances between them and the GCA effects of the two parents for each F1 cross were calculated. Combining ability analysis of variance showed that females and males differed in general and specific combining abilities. The cultivars Chirpan-539 and Nazili-954 from the females, and lines 550 (Tiara variety) and 578, from the males, appeared to be very good general combiners for lint percentage. The cultivar FR-H-1002 and Darmi variety, from the females, and lines 449, 572, and 578, from the males, appeared to be very good general combiners for fiber length. Some crosses showed high positive SCA effects and heterosis for both traits. Cross combinations FR-H-1002 × 578, Darmi × 578 and Nazili 954 × 578 had the highest possible GCA for both studied traits and are most valuable for selection programs. A total of seven crosses with short Euclidean distances to the “ideal” population in which desirable segregates are expected to occur were selected.