The November 23 match at Estadio Nacional will mark the first time that the decider of the continent's top club competition will be played over a single leg, reports Xinhua news agency.
"Finals over one leg provide a great opportunity for clubs to improve their sporting infrastructure, organization of events, security and comfort for fans," CONMEBOL president Alejandro Dominguez said on Tuesday.
Santiago beat rival bids from Lima and Montevideo, according to CONMEBOL.
The Copa Libertadores final has until now been played over two legs in a home-and-away format.
CONMEBOL's executive committee voted to adopt the single-match format in June, bringing the Copa Libertadores in line with the UEFA Champions League.
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