Webb, a Premier League regular, will be the first Englishman to run the final since Jack Taylor in 1974. He is also the first referee to take charge of the World Cup and Champions League finals in the same year.
However, the Spanish camp reportedly was little worried hearing the announcement as Webb had officiated the Spain's opening match against Switzerland, with the Spanish claiming they had been denied two penalties.
The 38-year-old will be backed by English assistants Darren Cann and Michael Mullarkey.
According to guardain.co.uk, Premier League chief executive Richard Scudamore praised Webb's appointment. He was glad to hear the news and added that the trio had a fantastic season officiating in the Premier league season and the hard work and professionalism of the trio English referees week in week out has helped them to finish off with the ultimate ticket to officiate the FIFA World Cup finals.
Reports suggest that the tickets for the finals has already been sold out and about 750 million people worldwide are expected to watch the game.