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| H | Newell's Old Boys | - | San Lorenzo | 4:0 (1:0) | ||
| R | San Lorenzo | - | Newell's Old Boys | 1:1 (0:0) | ||
| H: 13.05.1992 | R: 20.05.1992 | Sieger: Newell's Old Boys | ||||
| H | Atlético Nacional | - | América de Cali | 0:1 (0:0) | ||
| R | América de Cali | - | Atlético Nacional | 4:2 (1:0) | ||
| H: 13.05.1992 | R: 20.05.1992 | Sieger: América de Cali | ||||
| H | Barcelona | - | Cerro Porteño | 1:1 (0:1) | ||
| R | Cerro Porteño | - | Barcelona | 3:4 (0:0, 1:1, 1:1) i.E. | ||
| H: 13.05.1992 | R: 20.05.1992 | Sieger: Barcelona | ||||
| H | São Paulo FC | - | Criciúma - SC | 1:0 (0:0) | ||
| R | Criciúma - SC | - | São Paulo FC | 1:1 (1:0) | ||
| H: 13.05.1992 | R: 20.05.1992 | Sieger: São Paulo FC | ||||
