However, it said the clearance is conditional on the sale of its Spanish subsidiary Dorna, the promoter of motorcycling's MotoGP Championship.
The Competition Commissioner, Neelie Kroes, said that the sale of the unit would prevent escalation in TV rights for both F1 and MotoGP, something that might follow from both being under the same ownership.
Under the deal, Formula One supremo Bernie Ecclestone and German bank BayernLB are selling their stakes to CVC Capital Partners for an undisclosed price.
Ecclestone should still head the Formula One operations after the potential sale, sources have said.
Wembley will face stiff competition for the 2008 final, with Germany, Italy and Portugal lodging two bids apiece, and grounds in Russia and Spain completing the list of competitors.
