The Champions League final will take place on a Saturday from 2010 as part of a revamp of Uefa's cup competitions.
Qualification for the Champions League will also change, with 22 teams earning places based on their league finish and a two-part tournament for the rest.
Five places will be disputed by 15 teams from leading nations, and the rest contested by teams from Uefa's 40 other member nations.
The Intertoto Cup is to be abolished and the format of the Uefa Cup altered.
The decisions were taken at a Uefa executive committee meeting in Lucerne.
Format changes also mean that three Premier League teams will qualify automatically for the group stage, as will the champions of Scotland.
But the fourth-placed Premier League side and Scotland's runners-up will face a stiffer test in the qualifying round, as they are more likely to face stronger opponents than under the current format.
"We are all of the opinion that this is a great competition which provides a considerable spectacle," said Uefa president Michel Platini about the changes.
"I also hope that playing the Uefa Champions League final on a Saturday will give families, especially children, the chance to see the game."
Platini also confirmed that plans to allow domestic cup winners into the Champions League had been shelved, but not abandoned altogether.
Wembley is one of five grounds in the running to host the 2010 Champions League final.
Berlin's Olympiastadion, the Allianz Arena in Munich, Valencia's Mestalla and Real Madrid's Bernabeu Stadium are the other venues on the shortlist.
The Uefa Cup is also to be substantially changed between 2009 and 2012.
There will be 12 groups of four teams, with the top two of each group progressing to the knock-out stage, where they will be joined by the eight clubs that finish the group stage of the Champions League in third place.