Zürich (Switzerland) Nov 27: The fifth-ranked team from South America will play the fifth-placed side from Asia for a berth at next year's World Cup in Qatar, FIFA said on Friday.
The World Cup draw, held in Zurich, also pitted the fourth-placed team from North, Central America and the Caribbean (CONCACAF) against the Oceania champions.
Both playoffs will be staged over a single leg on June 12 and 14 in Qatar, football's governing body said.
Peru are currently fifth in the South American zone standings with four match days remaining in the qualifying campaign. Panama are fourth in the CONCACAF region.
New Zealand are firm favorites to win Oceania's qualifying tournament, which has been scheduled to be played in Qatar in March.
Asia's playoff spot will be decided by a duel between the third-ranked side in Group A and B of its third round qualifying stage. Those positions are currently occupied by United Arab Emirates and Australia.
The World Cup will be played from November 21 to December 18 at eight venues in five Qatari cities.