Wembley will host the 'Finalissima' clash between European champions Italy and Copa América winners Argentina on June 1, UEFA announced on Tuesday.
The glamour tie will take Italy back to the scene of their dramatic European Championship final victory over England on penalties last year.
Argentina won the latest South American crown last year, beating Brazil in the final in Rio.
The 'Finalissima' was initially announced in September, with confirmation in December that it would be held at a venue in London.
UEFA have now revealed Wembley will play host to the intercontinental showdown.
"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," a UEFA statement said.
"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."
It will be the first time the top national teams of Europe and South America will battle it out for the CONMEBOL-UEFA Cup of Champions since 1993.
Argentina, then led by Diego Maradona, beat Denmark in the last edition of the competition.