The stadium, which was awarded 'elite status' four months ago by European football's governing body, beat off competition from London's Wembley and the Olympiastadion in Berlin to be awarded the final by UEFA's executive committee.

A statement on Real Madrid's official website read: "The award of this final reaffirms the presence of Real Madrid in the international Institutions."

The decision sees the Spanish outfit - who have won the competition more times than any other club - stage the final for the first time in 30 years.

The Bernabeu was also the site for the final of Europe's premier club competition in 1957, 1969 and 1980 as well as the World Cup final in 1982.

UEFA president Michel Platini later revealed that Wembley had missed out on the showpiece due to the British Government's unwillingness to guarantee that visiting players would not be taxed during their stay in the country.

"Yes, the reason was the taxes,'' Platini told the BBC.

"The concerns we had over players being taxed were minimised by the English FA but not confirmed by the British government.''

The host of the 2011 final was also due to be revealed, but an announcement has been delayed to allow further bid preparation, raising hopes that the tax situation could be resolved.

Hamburg's HSH Nordbank Arena had already been chosen to host the 2010 UEFA Cup final.