South Africa were the only other nation in the running to stage the tournament.
A vote held at a CAF executive committee meeting saw Egypt win the hosting rights for the competition.
The event itself is due to take place in June, meaning there are just six months for everything to be put in place.
The short notice is down to Cameroon having been stripped of the staging rights.
Slow progress in their preparations saw the relevant authorities take action against the original hosts.
Cameroon is, however, set to be given the chance to stage the finals in two years’ time, before the event moves on to the Ivory Coast in 2023 (the original 2021 hosts) and Guinea in 2025.
The Ivorians have protested against the decision to delay their event, with that appeal being taken to the Court of Arbitration for Sport.
For now, though, an expanded 24-team field will battle for continental supremacy in Egypt this summer.
The decision was taken ahead of CAF's annual awards ceremony.
That is due to held in the Senegalese capital of Dakar on Tuesday.
Liverpool forward Salah will be hoping to retain his title as African Player of the Year at a glitzy ceremony.
If Salah were to take the award, then he would head to the Africa Cup of Nations as the one to watch.
He will be hoping to help Egypt – who are hosting the tournament for a fifth time – go one better than they did in 2017.
In Gabon, the Pharaohs made their way to the final, only to see Vincent Aboubakar snatch a dramatic winner for Cameroon in a 2-1 victory for the Indomitable Lions.