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| 1st(1st leg) | Minervén FC | - | Botafogo - RJ | 1:1 | ||
| 2nd (2nd leg) | Botafogo - RJ | - | Minervén FC | 4:5 pso | ||
| 1st(1st leg): 01/11/1994 | 2nd (2nd leg): 08/11/1994 | Winner: Minervén FC | ||||
| 1st(1st leg) | Grêmio Porto Alegre | - | São Paulo FC | 0:0 | ||
| 2nd (2nd leg) | São Paulo FC | - | Grêmio Porto Alegre | 6:5 pso | ||
| 1st(1st leg): 02/11/1994 | 2nd (2nd leg): 10/11/1994 | Winner: São Paulo FC | ||||
| 1st(1st leg) | Sporting Cristal | - | El Nacional | 2:1 | ||
| 2nd (2nd leg) | El Nacional | - | Sporting Cristal | 0:1 | ||
| 1st(1st leg): 02/11/1994 | 2nd (2nd leg): 09/11/1994 | Winner: Sporting Cristal | ||||
| 1st(1st leg) | Lanús | - | San Lorenzo | 1:1 | ||
| 2nd (2nd leg) | San Lorenzo | - | Lanús | 4:2 pso | ||
| 1st(1st leg): 02/11/1994 | 2nd (2nd leg): 10/11/1994 | Winner: San Lorenzo | ||||
| 1st(1st leg) | Universidad de Chile | - | Oriente Petrolero | 4:1 | ||
| 2nd (2nd leg) | Oriente Petrolero | - | Universidad de Chile | 0:5 | ||
| 1st(1st leg): 02/11/1994 | 2nd (2nd leg): 09/11/1994 | Winner: Universidad de Chile | ||||
| 1st(1st leg) | Huracán | - | Cerro Corá | 1:4 | ||
| 2nd (2nd leg) | Cerro Corá | - | Huracán | 1:2 | ||
| 1st(1st leg): 02/11/1994 | 2nd (2nd leg): 09/11/1994 | Winner: Cerro Corá | ||||
| 1st(1st leg) | Peñarol | - | Danubio | 2:0 | ||
| 2nd (2nd leg) | Danubio | - | Peñarol | 1:0 | ||
| 1st(1st leg): 02/11/1994 | 2nd (2nd leg): 09/11/1994 | Winner: Peñarol | ||||
| 1st(1st leg) | Corinthians SP | - | Vitória - BA | 3:2 | ||
| 2nd (2nd leg) | Vitória - BA | - | Corinthians SP | 1:1 | ||
| 1st(1st leg): 04/11/1994 | 2nd (2nd leg): 11/11/1994 | Winner: Corinthians SP | ||||
