| Group 3 | 19/02/1972 | Club Olimpia | - | Cerro Porteño | 1:1 | ||||
| Group 3 | 29/02/1972 | São Paulo FC | - | Club Olimpia | 3:1 | ||||
| Group 3 | 04/03/1972 | Atlético Mineiro | - | Club Olimpia | 0:0 | ||||
| Group 3 | 08/03/1972 | Cerro Porteño | - | Club Olimpia | 1:3 |  |
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| Group 3 | 15/03/1972 | Club Olimpia | - | Atlético Mineiro | 2:0 dec. | ||||
| Group 3 | 26/03/1972 | Club Olimpia | - | São Paulo FC | 0:1 |
Paraguay