The competition was launched in 2022 as part of a renewed partnership between CONMEBOL and UEFA.

On 12 February 2020, UEFA and CONMEBOL signed a renewed memorandum of understanding meant to enhance cooperation between the two organisations.

As part of the agreement, a joint UEFA–CONMEBOL committee examined the possibility of staging European–South American intercontinental matches, for both men's and women's football and across various age groups.

[3] On 15 December 2021, UEFA and CONMEBOL again signed a renewed memorandum of understanding lasting until 2028, which included specific provisions on opening a joint office in London and the potential organisation of various football events.

[4] On 2 June 2022, the day after staging the 2022 Finalissima, CONMEBOL and UEFA announced a series of new events between teams from the two confederations.