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| 1st(1st leg) | Universidad Católica | - | América de Cali | 0:0 (0:0) | ||
| 2nd (2nd leg) | América de Cali | - | Universidad Católica | 1:0 (0:0) | ||
| 1st(1st leg): 28/04/1992 | 2nd (2nd leg): 05/05/1992 | Winner: América de Cali | ||||
| 1st(1st leg) | Nacional | - | São Paulo FC | 0:1 (0:1) | ||
| 2nd (2nd leg) | São Paulo FC | - | Nacional | 2:0 (1:0) | ||
| 1st(1st leg): 28/04/1992 | 2nd (2nd leg): 06/05/1992 | Winner: São Paulo FC | ||||
| 1st(1st leg) | CS Marítimo | - | Atlético Nacional | 0:0 (0:0) | ||
| 2nd (2nd leg) | Atlético Nacional | - | CS Marítimo | 3:0 (2:0) | ||
| 1st(1st leg): 29/04/1992 | 2nd (2nd leg): 06/05/1992 | Winner: Atlético Nacional | ||||
| 1st(1st leg) | Defensor Sporting | - | Newell's Old Boys | 1:1 (0:0) | ||
| 2nd (2nd leg) | Newell's Old Boys | - | Defensor Sporting | 1:0 (0:0) | ||
| 1st(1st leg): 29/04/1992 | 2nd (2nd leg): 06/05/1992 | Winner: Newell's Old Boys | ||||
| 1st(1st leg) | San Lorenzo | - | Valdez | 2:0 (0:0) | ||
| 2nd (2nd leg) | Valdez | - | San Lorenzo | 5:6 (2:0, 2:0, 2:0) pso | ||
| 1st(1st leg): 29/04/1992 | 2nd (2nd leg): 05/05/1992 | Winner: San Lorenzo | ||||
| 1st(1st leg) | Bolívar | - | Cerro Porteño | 2:0 (1:0) | ||
| 2nd (2nd leg) | Cerro Porteño | - | Bolívar | 3:0 (3:0) | ||
| 1st(1st leg): 29/04/1992 | 2nd (2nd leg): 06/05/1992 | Winner: Cerro Porteño | ||||
| 1st(1st leg) | Sporting Cristal | - | Criciúma - SC | 1:2 (0:0) | ||
| 2nd (2nd leg) | Criciúma - SC | - | Sporting Cristal | 3:2 (1:2) | ||
| 1st(1st leg): 30/04/1992 | 2nd (2nd leg): 04/05/1992 | Winner: Criciúma - SC | ||||
| 1st(1st leg) | Colo-Colo | - | Barcelona | 1:0 (0:0) | ||
| 2nd (2nd leg) | Barcelona | - | Colo-Colo | 2:0 (0:0) | ||
| 1st(1st leg): 30/04/1992 | 2nd (2nd leg): 06/05/1992 | Winner: Barcelona | ||||
