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| 1st(1st leg) | Club Olimpia | - | Deportivo Español | 0:0 | ||
| 2nd (2nd leg) | Deportivo Español | - | Club Olimpia | 3:4 pso | ||
| 1st(1st leg): 19/08/1992 | 2nd (2nd leg): 26/08/1992 | Winner: Club Olimpia | ||||
| 1st(1st leg) | Grêmio Porto Alegre | - | El Nacional | 1:0 | ||
| 2nd (2nd leg) | El Nacional | - | Grêmio Porto Alegre | 4:0 | ||
| 1st(1st leg): 19/08/1992 | 2nd (2nd leg): 26/08/1992 | Winner: El Nacional | ||||
| 1st(1st leg) | Peñarol | - | Gimnasia de La Plata | 0:0 | ||
| 2nd (2nd leg) | Gimnasia de La Plata | - | Peñarol | 3:1 | ||
| 1st(1st leg): 19/08/1992 | 2nd (2nd leg): 26/08/1992 | Winner: Gimnasia de La Plata | ||||
| 1st(1st leg) | Atlético Junior | - | Atlético Mineiro | 2:2 | ||
| 2nd (2nd leg) | Atlético Mineiro | - | Atlético Junior | 3:0 | ||
| 1st(1st leg): 19/08/1992 | 2nd (2nd leg): 26/08/1992 | Winner: Atlético Mineiro | ||||
