Italy conquered Europe for the first time in 53 years when they defeated England on penalties in the EURO 2020 final at Wembley in July.
In the same month Argentina, led by Lionel Messi, beat Brazil 1-0 to end a 28-year Copa America drought.
As part of new measures to ensure a smooth collaboration between the two continental bodies, the game has been arranged at a yet-to-be-determined venue in London next year.
UEFA president Aleksander Ceferin said: "We are delighted to build upon our excellent relationship with CONMEBOL, and our strong desire to act jointly for the development of football and its benefits to society is further reflected by this new memorandum of understanding.
"There is a long tradition of cooperation between UEFA and CONMEBOL, as could be witnessed over the years with competitions such as the Artemio Franchi Trophy and the Intercontinental Cup, and it is with great pride that we are relaunching such a prestigious national team trophy to the delight of football lovers across the globe.
"We are very much looking forward to explore new opportunities together and we are eagerly awaiting the Finalissima in London in June 2022.
"I would like to thank Alejandro Dominguez [CONMEBOL president] for his dedicated involvement in this project and for his outstanding work at the helm of South American football."
Dominguez added: "We are immensely pleased with the fruits we are reaping together with UEFA, due to an excellent relationship between our institutions.
"By signing this renewal and expansion of our memorandum of understanding we are laying the foundation for this fluent cooperation to grow and develop further.
"The final between Argentina and Italy in London will be joined by other top-level sporting events, as befits the tradition of South American and European football.
"The opening of our joint office [in London] will allow us to face new projects with agility and vigour for the benefit of millions of fans on our continents and in the rest of the world."
