CONMEBOL, which comprises the 10 member federations in South America, said in a statement it had accepted "the nomination of Argentina and Colombia as joint venues for the 2020 edition of the Copa America."
The decision marks the first time in the modern Copa America era that the tournament will be split between two countries.
A tournament co-hosted by Argentina and Colombia also presents logistical hurdles, with the two countries separated by some 4,350 miles (7,000 kilometers).
CONMEBOL noted that the co-hosting was "subject to the presentation of a detailed proposal by both member associations on the structure and organization of the tournament."
The 2020 Copa America will take place one year after this year's tournament, which is to be staged in Brazil between June 14 and July 7.
Last month, the United States Soccer Federation had issued a proposal to CONMEBOL offering to stage the 2020 Copa America in the United States in an expanded 16-team competition that would also include six teams from the CONCACAF region.
The event was modelled along the lines of the successful 2016 Copa America Centenario held across the US.
The proposed event guaranteed $200 million to be shared amongst competing teams with USD 11 million to be handed to the winner.
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