The decision was taken in a video conference on Tuesday which featured delegates from UEFA’s 55-member associations.
The tournament was supposed to run from June 12 to July 12 in selected venues across Europe.
The new dates proposed for the tournament is now June 11 to July 11 2021.
A statement from the Norwegian FA, who were first to break the news, read: "UEFA has decided that the European Championship is postponed to 2021. It will be played from 11 June to 11 July next year. More information coming."
The Coronavirus pandemic has led to the suspension of several leagues across Europe.
The knockout stages of the UEFA Champions League and Europa League have all had to be halted as a result.
The postponement of EURO 2020 will give the various Football Associations ample time to complete their seasons.
Several clubs in Europe have reported players and staff testing positive to the Coronavirus.
In England, Arsenal manager Mikel Arteta and Chelsea winger Callum Hudson-Odoi tested positive last week while Valencia have announced in Spain that 35 percent of the club’s players and staff, including Ezequiel Garay and Eliaquim Mangala, have the disease.
Several Italian Serie A players have tested positive for the virus including Juventus’ Daniele Rugani, Manolo Gabbiadini and Patrick Cutrone.
