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European champions Italy will face Copa America winners Argentina next June.
Uefa, European football's governing body, said agreement had been reached to play three editions of the intercontinental match.
Uefa said the exact date and venue for the match were still to be confirmed, but Naples is reportedly a contender.
A game between the continental champions is the latest step in closer co-operation between Uefa and its South American equivalent, Conmebol.
The continued co-operation between the two confederations comes with both opposing Fifa's proposals to reform the international calendar, which include World Cups every two years.
The champions of each continent's premier club competition have met annually since 1960, before the match merged with the Fifa Club World Cup in 2005.
A similar agreement has not previously been in place for the champions of the respective international competitions, the European Championship and the Copa America.
"By reaching this agreement, Uefa and Conmebol express their commitment to the development of football beyond their geographical zones, as a bridge uniting people, countries, continents and cultures," a statement read.
"The Uefa executive committee and the Conmebol council also expressed a strong willingness to continue collaborating on other issues of mutual interest going forward."
The confederations signed a renewed memorandum of understanding in February 2020, and a joint office will be opened in London to work on future projects.
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