European champions Italy will face Copa America winners Argentina in London on 1 June, 2022.
The stadium venue for the ‘Finalissima’ has yet to be confirmed.
“It is with great pride that we are relaunching such a prestigious national team trophy,” said Uefa president Aleksander Ceferin.
“There is a long tradition of co-operation between Uefa and Conmebol, as could be witnessed over the years with competitions such as the Artemio Franchi Trophy and the Intercontinental Cup.”
The champions of each continent’s premier club competition have met annually since 1960, before the match merged with the Fifa Club World Cup in 2005.
But a similar agreement has not previously been in place for the champions of the respective international competitions, the European Championship and the Copa America.
The ‘Finalissima’ is the latest step in closer co-operation between Uefa and Conmebol, with the agreement coming soon after the two confederations opposed Fifa’s proposals to reform the international calendar, which include holding the World Cup every two years.
