It was contested between Brazilian club Santos, the 2011 Copa Libertadores champion, and Chilean club Universidad de Chile, the 2011 Copa Sudamericana champion.

The team that qualified via the Copa Libertadores played the second leg at home.

The team that accumulated the most points —three for a win, one for a draw, zero for a loss— after the two legs was crowned the champion.

If the tie was still not broken, a penalty shootout ensued according to the Laws of the Game.

[8] Bold indicates winning years Assistant referees: Ricardo Casas (Argentina) Hernán Maidana (Argentina) Fourth official: Germán Delfino (Argentina) Assistant referees: Mauricio Espinosa (Uruguay) Miguel Nievas (Uruguay) Fourth official: Daniel Fedorczuk (Uruguay)