Uefa has confirmed the 74,500 capacity Millennium Stadium in Cardiff as the venue for the 2017 Champions League final.
The decision was announced at a press conference following a meeting held by the European football governing body's executive committee on 30 June, with the women's final also set to be held in the Welsh capital at the nearby Cardiff City Stadium.
"The FAW is grateful to Uefa's Executive Committee for giving the FAW and Wales the opportunity to stage one of the world's biggest sporting events," Football Association of Wales (FAW) president Trefor Lloyd Hughes said in a statement.
"Welsh football is certainly on the up and we look forward to working closely with Uefa and all of our stakeholders over the next two years to deliver two memorable finals."
Real Madrid forward Gareth Bale, a Champions League winner in 2014 and pivotal part of the Welsh side on course to qualify for their first major tournament in 48 years, added: "These are exciting times for Welsh football. It feels like the whole country is behind us as we attempt to reach next year's Uefa Euro 2016 finals in France.
"I know how passionate the Welsh football fans are so it's great the Uefa Champions League final is coming to my home city of Cardiff. I loved playing in the Uefa Super Cup last year and it would be fantastic to be involved in front of a packed crowd at such an iconic stadium in 2017."
Another player hoping to feature in his home final is Aaron Ramsey. Following the announcement, the Arsenal midfielder said: "What a season it has been for Wales and Welsh football. What with last year's Uefa Super Cup, the unforgettable support and atmosphere at our recent match against Belgium, Wales topping their Uefa Euro 2016 qualifying group and now this wonderful news.
"The Millennium Stadium is a fantastic stadium. It will be a brilliant occasion. I would love to be part of it."
The 2015 Champions League final was held at the Olympiastadion in Berlin, where Barcelona defeated Serie A winners Juventus 3-1 thanks to goals from Ivan Rakitic, Luis Suarez and Neymar. The 2016 showpiece will take place at the San Siro, home of AC Milan and Inter Milan.