The America's Cup was first raced for in 1851
The next America's Cup will take place in February 2010 after a New York Supreme Court justice upheld a court ruling on Thursday.
Defending champions Alinghi will face Oracle, who were ruled to be the legitimate challengers of record by the New York Court of Appeals last month.
Alinghi had wanted the 33rd running of the event to be held in May 2010.
"We can now look forward to some exciting racing early next year," Oracle spokesman Tom Ehman said.
"Today's hearing should end any further delay to the 33rd America's Cup."
Swiss-based Alinghi issued a statement saying it would adhere to judge Shirley Werner Kornreich's decision and "welcomes the clarity that it brings".
Alinghi, who sail under the colours of Societe Nautique de Geneve (SNG), and Oracle - from the Golden Gate Yacht Club (GGYC) in San Francisco - had been involved in a legal dispute since Alinghi's victory in Valencia, Spain, in July 2007.
According to the rules of the Cup, the defending champion and the challenger of record negotiate where and when the cup will be held, and the standards for the boats that will be permitted to sail in the race.
After Alinghi named Spanish syndicate Desafio Espanol as challenger of record, Oracle took legal action and won.
Meanwhile, the New York State Court of Appeals, the highest court in the state, decided unanimously in April that the race would be held next February and this decision has now been upheld.
The judge also ordered the two teams to resume negotiations with a mediator, and ruled that Oracle should provide Alinghi with a detailed description of the yacht it will use in the event.
As defending champion, SNG is entitled to hold the race in Valencia again - or another venue of its choice.
But in court, SNG lawyer Barry Ostrager claimed: "It's dangerous for the sailors to have a northern hemisphere race in February."
The America's Cup was first raced for around the Isle of Wight in 1851.