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| 1st(1st leg) | Atlético Junior | - | Vélez Sarsfield | 2:1 (2:0) | ||
| 2nd (2nd leg) | Vélez Sarsfield | - | Atlético Junior | 5:4 (2:1, 2:1, 2:1) pso | ||
| 1st(1st leg): 10/08/1994 | 2nd (2nd leg): 17/08/1994 | Winner: Vélez Sarsfield | ||||
| 1st(1st leg) | São Paulo FC | - | Club Olimpia | 2:1 (1:1) | ||
| 2nd (2nd leg) | Club Olimpia | - | São Paulo FC | 3:4 (0:0, 1:0, 1:0) pso | ||
| 1st(1st leg): 10/08/1994 | 2nd (2nd leg): 17/08/1994 | Winner: São Paulo FC | ||||
