The final is proposed to take place at either Baku's Olympic Stadium or Madrid's Metropolitano Stadium, both of which were identified by UEFA on Wednesday as potential candidates.
UEFA has set a deadline for the submission of final proposals by March 19, with the decision on the host city expected to be announced in May.
This search for a new venue was initiated after UEFA's executive committee opted not to assign the final to the iconic San Siro stadium in Milan.
UEFA had allowed additional time for Milan to confirm the availability of the Stadio Giuseppe Meazza amid planned renovations scheduled between the 2026 Winter Olympics and the 2032 European Championship. However, city officials were unable to provide the necessary assurances.
Baku previously hosted matches during the 2021 European Championship and was the venue for the 2019 Europa League final, where Chelsea faced Arsenal.
The Metropolitano Stadium has also been a host for the Champions League final, having welcomed the 2019 match in which Liverpool triumphed over Tottenham 2-0.
Additionally, UEFA announced on Wednesday that there are four contenders for the Women's Champions League final in 2027: Poland (Warsaw), Spain (Barcelona), Switzerland (Basel), and Wales (Cardiff).