The event, which takes place on 28 May, at Stadio Giuseppe Meazza in Milan, Italy, will be broadcast to 220 countries.
"Music, entertainment and sports have always been a vital part of the Pepsi DNA. We are the brand that invented entertainment marketing and continue to push creative boundaries," said Carla Hassan, SVP, global brand management, Global Beverage Group, PepsiCo.
"By creating a global stage as part of the Uefa Champions League Final for the first time, Pepsi will produce an epic, memorable moment that will draw an even broader global fan base to the pitch, elevate the excitement of the 2016 final, and establish a new tradition for one of the world's most beloved sport spectacles."
The new opening ceremony marks an expansion of PepsiCo's existing partnership with the UEFA Champions League.
PepsiCo initially joined forces with the Uefa Champions League in 2015, announcing a partnership where Lay's, Gatorade and Pepsi MAX / Pepsi are served as lead brands during the event.
Guy-Laurent Epstein, Uefa marketing director, said: "With an iconic and storied history in music, Pepsi was the ideal partner to bring an epic music performance to the world's most watched annual sporting event for the first time, and Uefa is delighted that Alicia Keys will be performing in Milan.
"With such a highly respected and truly global artist performing ahead of the Uefa Champions League Final, it heightens even further the appeal of the match and consequently will reach a broader audience demographic, which ultimately further strengthens the global status of UCL."