South America's football confederation (CONMEBOL) announced on Thursday that the match between River Plate and Boca Juniors would take place in the Spanish capital on Sunday Dec. 9.
Boca want to be crowned champions after their bus was attacked on the way to the second leg of their highly-anticipated final against rivals River Plate at El Monumental, leading to the clash being postponed.
Spain's national statistics institute says there are 72,000 Argentines living legally in the European country.
Paris, which has two major football stadiums in the Parc des Princes and Stade de France, had been mooted as an alternative to Madrid. "I don't think the essence of the Libertadores will be lost because the game will be played in Spain".
"That a small part of our society ends up ruining everything and nothing works is such a pity".
A statement released on Thursday evening by CONMEBOL president Alejandro Dominquez read: "The administration has elected to hold the Copa Libertadores final return leg, in front of both sets of supporters, in Madrid at the Santiago Bernabeu".
Dominguez added the game would be staged at Real Madrid's Bernabeu stadium at 8.30pm local time (4.30pm in Argentina, 8.30am December 10 NZT), and that Boca and River fans would be allowed in.
Alves said on an Instagram story that it was wrong to punish all fans for the bad behaviour of a few.
Ordered to pay a fine of $400,000, the fans of River will also will be punished for their role in the whole fiasco.
"I suppose it's nothing to do with me, but as a South American and as a lover of football and healthy rivalry, I felt the right and the obligation to express my opinion".
"You don't educate the idiots by taking things away from them, you educate them by showing them good examples and, above all, when they go to the game, they will experience the feeling, passion and fanaticism".