Italy conquered Europe for the first time in 53 years when they defeated England on penalties in the EURO 2020 final at Wembley last July.
In the same month Argentina, led by Lionel Messi, beat Brazil 1-0 to end a 28-year Copa America drought.
The game has been arranged as part of new measures to ensure a smooth collaboration between the two continental bodies, UEFA and CONMEBOL.
A statement from UEFA on Tuesday confirmed that: "[It] will give fans the chance to watch the current champions of the world's two best footballing continents contest the coveted CONMEBOL-UEFA Cup of Champions.
"Twenty-nine years after its last edition, the relaunch of this legendary footballing encounter is the result of the long-standing partnership between UEFA and CONMEBOL and will serve as a catalyst for the global development of football – uniting countries, continents, and cultures, while also demonstrating to fans around the globe that football can be a force of good in turbulent times."
The last edition of the 'Finalissima' was played in 1993 when Argentina defeated Denmark on penalties.
