Italy and Argentina will face off in what has been dubbed a "Finalissima" in June following their respective successes in Euro 2020 and Copa America.
It was a momentous year for the Azzurri and Albiceleste, as they both put troubling periods behind them in emphatic fashion.
Italy recovered spectacularly from failing to qualify for Russia 2018, while Lionel Messi finally got himself an international honor to shout about.
Argentina's success ended a 28-year period without a major international title, a spell that saw them lose four Copa America finals and one World Cup final.
Italy had not won a European Championship title in 53 years, which is the longest-ever gap between two successes in the tournament by a single nation.
En route to their triumph, Italy also surpassed 30 matches unbeaten in all competitions, setting a new record in international football.
Argentina and Italy are now scheduled to play each other in a specially arranged match in London - with the venue not yet confirmed - on June 1, 2022, as part of a new agreement reached between the two continental confederations, UEFA and CONMEBOL.
The governing bodies signed a memorandum of understanding in February last year with the intention of collaborating in numerous ways – on Wednesday it was renewed and extended until June 2028, with the arrangement of the Finalissima confirmed as part of the agreement.
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 exploring 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 vigor for the benefit of millions of fans on our continents and in the rest of the world."