The oldest university in the Americas, the National University of San Marcos, will host the football tournaments at the Lima 2019 Pan American and Parapan American Games.
The agreement between Lima 2019 and the University will see the Games' Organising Committee refurbish the University's stadium and install seats for 32,000 fans, a new athletics track and upgraded accessibility standards as part of the Games' legacy project.
The upgraded stadium, located between the Lima and Callao districts in the Peruvian capital, will be fitted with a new pitch and training facilities which will meet FIFA's highest competition standards.
The cost of the refurbishment, which is scheduled to begin in March, will be around PEN47 million (£10 million/$14.35 million/€11.6 million) with funding coming from the Lima 2019 infrastructure budget.
Lima 2019 President Carlos Neuhaus expressed his excitement at the prospect of the refurbished venue at the University, which was founded in 1551.
"We are delighted to have signed an agreement with the National University of San Marcos to stage the Lima 2019 football competition there," he said.
"San Marcos is the oldest university in the Americas, and will soon be home to a world-class stadium capable of hosting a variety of international competitions.
"Legacy has been front and centre of our planning so we are particularly pleased by this agreement, which will benefit one of the continent's top public universities, its 35,000 students and the surrounding community."
National University of San Marcos rector Orestes Cachav added: "This is a unique opportunity to grow our institution.
"San Marcos will be on display to the world and 350 million people will see our university.
"We are grateful for the gesture towards the San Macros community and in addition, we are putting our 35,000 students at the disposal of Lima 2019 to work as volunteers for the Games."