It is the third time the Sao Paulo club have won South America’s equivalent of Europe's Champions League following victories in 1999 and 2020.
Two goals from Bruno Henrique fired Flamengo into the final, the Brazilians completing a 4-0 aggregate victory.
The continental competition could witness another Super Clasico if both Argentinean clubs made it to the semis.
By comparison, UEFA will distribute 1.94 billion Euros ($2.20 billion) to the clubs that qualified for the Champions League group stage in 2018/19.
The Genoa city government confirmed in a statement on Monday that it had written to the clubs offering to host the game.
Boca Juniors achieved six Copa Libertadores titles, while their arch rivals, River Plate, achieved three titles.
Gremio repeated their victory over Lanus in the first leg in Brazil, securing their third title in the tournament.
Gremio won the Copa Libertadores on Wednesday after a 2-1 win over Argentine side Lanus.
Despite losing 1-0 in the first leg in Brazil, the Lanus players had a great performance and were the better side.
Gremio players entered the pitch with support from their enthusiastic fans packing the stadium and cheering unstoppably .
Lanus hopes to be the ninth Argentinean club to win the title.
Gremio qualified to the final four times before; winning the title in 1983 and 1995, and losing the final in 1984 and 2007.
Lanus returned from a 0-1 loss in the first leg and a 2-1 loss in the second leg first half to qualify to the final.
Cruzeiro won the title of the “Copa do Brasil” and automatically guaranteed to be in the Libertadores Cup 2018 by beating Flamengo.
River Plate lost the first leg in Bolivia 3-0, but they managed to win the second leg 8-0. River striker Ignacio Scocco scored five goals in the match.
Argentinean club River Plate thrashed Bolivian club Jorge Wilstermann 8-0 in the second leg of the quarter-finals of the Copa Libertadores on Thursday evening.
Brazilian police locked Santos fans inside their home stadium for 20 minutes on Wednesday after violence erupted outside the Vila Belmiro ground following the team’s elimination from the Copa Libertadores.