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| 1st(1st leg) | Newell's Old Boys | - | San Lorenzo | 4:0 (1:0) | ||
| 2nd (2nd leg) | San Lorenzo | - | Newell's Old Boys | 1:1 (0:0) | ||
| 1st(1st leg): 13/05/1992 | 2nd (2nd leg): 20/05/1992 | Winner: Newell's Old Boys | ||||
| 1st(1st leg) | Atlético Nacional | - | América de Cali | 0:1 (0:0) | ||
| 2nd (2nd leg) | América de Cali | - | Atlético Nacional | 4:2 (1:0) | ||
| 1st(1st leg): 13/05/1992 | 2nd (2nd leg): 20/05/1992 | Winner: América de Cali | ||||
| 1st(1st leg) | Barcelona | - | Cerro Porteño | 1:1 (0:1) | ||
| 2nd (2nd leg) | Cerro Porteño | - | Barcelona | 3:4 (0:0, 1:1, 1:1) pso | ||
| 1st(1st leg): 13/05/1992 | 2nd (2nd leg): 20/05/1992 | Winner: Barcelona | ||||
| 1st(1st leg) | São Paulo FC | - | Criciúma - SC | 1:0 (0:0) | ||
| 2nd (2nd leg) | Criciúma - SC | - | São Paulo FC | 1:1 (1:0) | ||
| 1st(1st leg): 13/05/1992 | 2nd (2nd leg): 20/05/1992 | Winner: São Paulo FC | ||||
