The South American champions tournament staged in Santiago in 1948 is recognised as a precursor of the Copa Libertadores, but it was not an edition of the competition that began in 1960. Its seven participants played a single round-robin final tournament.
| Season | South American club champion 1948 | Runner-up | Trophy |
|---|---|---|---|
| 1948 Round-robin final tournament The seven participants played each other once. | Vasco da Gama | River Plate Vasco da Gama won the final round ahead of River Plate; no final match was played. | — |
