The decision was arrived at during Tuesday’s executive committee meeting in the Slovenian capital of Ljubjana.
Wembley last hosted the Champions League final in 2013, when Bayern Munich defeated Borussia Dortmund 2-1 to lift the trophy for a fifth time.
It was also the deciding venue two years earlier as Barcelona beat Manchester United 3-1 in the final.
The Old Wembley stadium, which was demolished in 2002, hosted European Cup finals in 1963, 1968, 1971, 1978 and 1992 before the rebuilt version hosted its most recent finals.
The 2020 European Championships, which will be hosted in several cities across Europe, will have its semi-finals and final also taking place at Wembley.
The 2019/2020 UEFA Champions League final will be played at the Ataturk Olympic Stadium in Istanbul, Turkey.
The Spanish city of Seville will host the 2021 Europa League final while VAR will be used from the knockout stage of Europe’s second club competition this season.
UEFA also announced that the Saint Petersburg Stadium in Russia will host the 2021 final while the Allianz Arena, which last hosted the Champions League final in 2012 when Chelsea defeated Bayern Munich on penalties to win their one and only title will be the venue for the 2022 final.
Last season’s UEFA Champions League final took place at Atletico Madrid’s Wanda Metropolitano Stadium, where Liverpool beat Tottenham Hotspurs 2-0 to win their sixth European crown.
