The two parties grew closer in their shared criticism of FIFA's proposed plans for a biennial World Cup.

They have now signed a Memorandum of Understanding (MoU), which builds upon an initial agreement signed in February 2020.

The announcement includes plans for Italy and Argentina to play against one another on June 1 2022 in a London stadium in a match titled the "Finalissima".

The MoU also includes the two bodies opening a shared office in London and the potential organisation of a variety of football events.

"We are delighted to build upon our excellent relationship with CONMEBOL, and our strong desire to act jointly for the development of football and its benefits to society is further reflected by this new memorandum of understanding," said UEFA President Aleksander Čeferin.

"There is a long tradition of cooperation between UEFA and CONMEBOL, as could be witnessed over the years with competitions such as the Artemio Franchi Trophy and the Intercontinental Cup, and it is with great pride that we are relaunching such a prestigious national team trophy to the delight of football lovers across the globe.

"We are very much looking forward to exploring new opportunities together and we are eagerly awaiting the Finalissima in London in June 2022.

"I would like to thank Alejandro Domínguez for his dedicated involvement in this project and for his outstanding work at the helm of South American football."

CONMEBOL President Alejandro Domínguez said: "We are immensely pleased with the fruits we are reaping together with UEFA, due to an excellent relationship between our institutions. 

"By signing this renewal and expansion of our memorandum of understanding we are laying the foundation for this fluent cooperation to grow and develop further.

"The final between Argentina and Italy on 1 June 2022 in London, will be joined by other top-level sporting events, as befits the tradition of South American and European football. 

"The opening of our joint office will allow us to face new projects with agility and vigour for the benefit of millions of fans on our continents and in the rest of the world.

"I would like to thank the members of the CONMEBOL Council who have supported this initiative with the utmost determination, and especially President Aleksander Čeferin and his team of collaborators, with whom we share the same vision about the strategic importance of our alliance."

The two parties have grown closer due to their opposition to FIFA's plans to host a biennial World Cup.

A global summit on the international calendar - and principally the proposal to stage World Cups every two years - is set to be held on December 20.

FIFA President Gianni Infantino, who has championed the plans, claimed to be "confident" that a consensus can be reached at the event, but it will not be an Extraordinary Congress, which would have had the power to enact a new calendar.

It is expected the proposal would be put to a vote at the Congress.