The South American tournament is set to be played away from the continent for the first time in its 100-year history and will be comprised of 16 teams
Both USA and Mexico will participate in the Copa America Centenario in honour of the 100th anniversary of the competition, along with the four highest placing nations at the 2015 Gold Cup.
It is hoped that in doing this, the event will receive worldwide recognition and increase the competition in the Americas.
A statement from the South American federation read: "In July of 2016, Conmebol will celebrate its first century. Because of this, with the aim to celebrate it with the pomp it deserves, the association presidents and members of the Executive Committee have decided to hold a tournament with nations throughout the Americas."
This does not affect plans to stage the 2015 Copa America however, which will now take place in Chile after Brazil opted out of hosting the competition due to the 2014 World Cup and the 2016 Olympic Games.
Japan withdrew from the last tournament after the country was struck by a tsunami but they, along with Mexico, have been invited to participate in the 2015 edition.
"Mexico and Japan are two sibling federations and friends of South American football," said the official statement from Conmebol.
Uruguay are the current holders of the competition, having defeated Paraguay 3-0 in 2011.