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The Folha de S. Paulo newspaper said on Friday that the CBF reached a deal with marketing company Pitch International to play the matches in Australia next June, reports Xinhua.
Australian media first reported earlier this month that officials from all three countries were in talks to stage the fixtures.
Match venues have yet to be confirmed though the 100,000-seat Melbourne Cricket Ground is expected to host the clash between Brazil and Argentina, Folha de S. Paulo said.
Brazil and Argentina share one of international football's most famous rivalries, having won seven World Cups between them.
The teams last met in a World Cup qualifier in November, which Brazil won 3-0 in Belo Horizonte.