| Round of 16 | 04/04/1989 | Club Olimpia | - | Boca Juniors | 2:0 |  |
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| Round of 16 | 11/04/1989 | Boca Juniors | - | Club Olimpia | 6:7 pso | ||||
| Quarter-finals | 18/04/1989 | Club Olimpia | - | Sol de América | 2:0 | ||||
| Quarter-finals | 25/04/1989 | Sol de América | - | Club Olimpia | 4:4 | ||||
| Semi-finals | 09/05/1989 | Club Olimpia | - | Internacional | 0:1 | ||||
| Semi-finals | 16/05/1989 | Internacional | - | Club Olimpia | 3:5 pso | ||||
| Final | 23/05/1989 | Club Olimpia | - | Atlético Nacional | 2:0 | ||||
| Final | 30/05/1989 | Atlético Nacional | - | Club Olimpia | 5:4 pso |
Paraguay