The MCG will reportedly host Brazil and Argentina in June next year, while the Socceroos may also take on one of the South American soccer giants in Australia soon after.
The match could bring some of the biggest names in world soccer to Australia, including Lionel Messi, Neymar, Dani Alves, David Luiz, Sergio Aguero, Angel Di Maria and Carlos Tevez.
The Victorian government is expected to confirm the match in coming weeks, News Corp Australia reports.
The Superclasico de las Americas fixture has been played at a neutral venue once before since its introduction in 2011, with Beijing hosting the most recent edition two years ago, won by Brazil.
News Corp reports one of the teams could also play Australia as the Socceroos prepare for the Confederations Cup in Russia later in the month.