Italy are set to play Argentina in June 2022 in a friendly meeting between the Euro 2020 and Copa America winners.
UEFA and CONMEBOL have revealed that they are expanding their alliance in a united commitment to the development of the game across the globe.
The two main governing bodies in world football have also organised a heavyweight international fixture that will see Italy clash with Argentina following their trophy-winning exploits over the summer.
What's been said?
UEFA has confirmed the news in a statement on its website, with the venue for the one-off game yet to be decided.
"UEFA and CONMEBOL have today announced the broadening of their existing cooperation as well as the staging of a match between the UEFA EURO 2020 winners Italy and the CONMEBOL Copa America 2021 winners Argentina during the international window in June 2022 at a venue to be confirmed," the statement reads.
"The organising of this match is part of the expansion of the cooperation between UEFA and CONMEBOL, which notably includes women’s football, futsal and youth categories, the exchange of referees, as well as technical training schemes.
"The agreement reached by the two organisations currently covers three editions of this match between the respective continental winners, and also includes the opening of a joint office in London, which will be in charge of coordinating projects of common interest.
"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.
"The UEFA Executive Committee and the CONMEBOL Council also expressed a strong willingness to continue collaborating on other issues of mutual interest going forward."
Europe's best to take on South America's finest
Italy have been handed this opportunity as a reward for winning the European Championship for the second time in their history.
Roberto Mancini guided the Azzurri to the trophy after a thrilling run that was capped off by a dramatic penalty shootout victory over England in the final at Wembley.
Argentina, meanwhile, earned the right to take on Europe's best by securing their 15th Copa America crown, which marked their first major title in 28 years.
Lionel Scaloni oversaw that triumph, with his team seeing off Brazil 1-0 in the final courtesy of an Angel Di Maria strike.