CONMEBOL have also decided to award Colombian side Atletico Nacional with the Conmebol Centenary Fair Play award for requesting that Chapecoense were awarded the trophy after 71 lives were lost in the air disaster.
The international body released the following statement:
"On Wednesday 30 November, The South American Football Confederation received a letter from Club Atletico Nacional, addressed to Mr Alejandro Dominguez, President of CONMEBOL, which asked CONMEBOL "to hand the Copa Sudamericana title to Chapecoense Football Club as an honorable gesture to their great loss and a posthumous tribute to the victims of the fatal accident that shadows our sport".
"On the basis of this, the Council has taken the decision to name Chapecoense Football Club as champion of the Copa Sudamericana with all of the sporting and executive prerogatives that it brings.
"For CONMEBOL, there is no greater showing of "spirit of peace, understanding and fair play" outlining as an objective of our institution that solidarity, consideration and the respect shown by Club Atletico Nacional towards their brothers at Chapecoense Football Club
"Because of the request made by Club Atletico Nacional, whose attitute has promoted football in South America in the spirit of peace, understanding and fair play, in order that sporting values always prevail over comercial interests, CONMEBOL has decided to award Club Atletico Nacional the Conmebol Centenary Fair Play award for the first time ever, consisting of one million dollars".