The Finalissima, or 'Grand Final', sees the winners of the European Championship face off against the Copa America champions in a Super Cup-style match.
Italy claimed glory at Euro 2020 as they beat England on penalties in the final and will now return to Wembley for another showpiece match.
Argentina, meanwhile, edged past Brazil 1-0 to win the 2021 Copa America and Lionel Messi and co will head to London looking for more glory.
The Finalissima is a revamped version of the Artemio Franchi Cup which was last held in 1993.
Argentina played in that match too and beat Denmark on penalties at the Estadio Jose Maria Minella in Mar del Plata.
France won the inaugural Artemio Franchi Cup in 1985 as they claimed a 2-0 win over Uruguay in Paris.
Finalissima 2022: Date and kick-off time
Italy v Argentina will be held on Wednesday, June 1 at Wembley Stadium in London.
The match will kick-off at 7:45pm UK time.
It will be a one-off fixture played over 90 minutes. There will be no extra-time, so if it is level at the end of regulation time, it will go straight to penalties.
The referee appointment will be made jointly by the two confederations.
Finalissima 2022: Tickets
Wembley will have a capacity of 86,000 for the match and tickets are being sold to fans on a first-come, first-served basis via UEFA.com.
The tickets are available in four price categories - £25, £40, £55 and £99.
Finalissima 2022: What has been said?
UEFA President Aleksander Ceferin: "UEFA and CONMEBOL have a long history and tradition together, notably through epic and thrilling competitions such as the Artemio Franchi Trophy and the European/South American Cup.
"I would like to thank the CONMEBOL Council for coming to visit us and for the many good ideas they have brought to the table."
CONMEBOL President Alejandro Dominguez: "I am delighted that CONMEBOL and UEFA agreed to cooperate further on a variety of topics.
"Together we can do a lot for the development of football and I am very much looking forward to this enhanced collaboration. This is just the beginning."
CSKA Moscow 
FC Rostov 
Leicester 
Chelsea 
Valencia 
Betis 
Dynamo Kyiv 
Chornomorets Odesa 
Verona 
Inter 
Bayer Leverkusen 
FC Heidenheim 
Borussia Dortmund 
SC Freiburg 
VFL Wolfsburg 
Union Berlin 
Arsenal 
Nottingham Forest 
Everton 
Brentford 
Spartak Moscow 
Lokomotiv Moscow 
Rangers 
Dundee Utd 
Atletico Madrid 
Alaves 
Lens 
Marseille 
Ingulets Petrove 
Shakhtar Donetsk 
AC Milan 
Juventus 
ST Malo 
Bordeaux 
Manchester City 
Tottenham 
Eintracht Frankfurt 
Werder Bremen 
Girona 
Espanyol 
Feyenoord 
Heerenveen 
ST Etienne 
Montpellier 
Grenoble Foot 38 
Heart Of Midlothian 
Celtic 
Reims 
Lyon 
PSV 
Groningen 
Celta Vigo 
Barcelona 
Benfica 
Estrela Da Amadora 
Sparta Rotterdam 
AZ Alkmaar 
Southampton 
Liverpool