Wembley has failed in its bid to host the 2007 Champions League final, with the event awarded to the Olympic Stadium in Athens.
And the City of Manchester Stadium has lost out in its bid to host the Uefa Cup final in either 2006 or 2007.
The 2006 final will be played at the home of PSV Eindhoven in Holland and the following year Hampden Park in Glasgow will host the showpiece.
The Stade de France in Paris will host the 2006 Champions League final.
The Football Association's head of communications Adrian Bevington said the decision to award the 2007 Champions League final to Athens was not a big surprise.
"Uefa generally favours stadiums that are already operational," said Bevington. "And don't forget England hosted the 2003 Champions League final (at Old Trafford).
"We wanted to highlight the fantastic facilities to Uefa.
"The bidding process was a great platform for Uefa's Executive Committee to come and see the magnificent new stadium.
"When the new Wembley is operational we will look to speak to Uefa with regard to hosting the Champions League final.
"We hope to host a Champions League final in the next five years."
The 2003 Champions League took place in Manchester, with AC Milan defeating Juventus on penalties. England has not hosted the Uefa Cup Final since it became a one-off event in 1997/98.
London has not hosted European football's showpiece final since 1992, when the old Wembley Stadium staged the European Cup Final between Barcelona and Sampdoria.