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| 1st(1st leg) | Peñarol | - | Universidad de Chile | 2:0 | ||
| 2nd (2nd leg) | Universidad de Chile | - | Peñarol | 1:1 | ||
| 1st(1st leg): 29/11/1994 | 2nd (2nd leg): 07/12/1994 | Winner: Peñarol | ||||
| 1st(1st leg) | Corinthians SP | - | São Paulo FC | 3:4 | ||
| 2nd (2nd leg) | São Paulo FC | - | Corinthians SP | 5:4 pso | ||
| 1st(1st leg): 02/12/1994 | 2nd (2nd leg): 09/12/1994 | Winner: São Paulo FC | ||||
