[2][3] On 13 May 2021, CONMEBOL's Council decided that the final would be played at the Estadio Monumental Isidro Romero Carbo in Guayaquil, Ecuador on 29 October 2022.

[4] On 25 November 2021, CONMEBOL announced the abolition of the away goals rule in all of its club competitions including the Copa Libertadores, which had been used since 2005.

The following 47 teams from the 10 CONMEBOL member associations qualified for the tournament:[7][8] The entry stage is determined as follows:[7] The schedule of the competition was as follows:[17][18] The draw for the qualifying stages was held on 20 December 2021, 12:00 PYST (UTC−3), at the CONMEBOL Convention Centre in Luque, Paraguay.

The draw for the group stage was held on 25 March 2022, 12:00 PYST (UTC−3), at the CONMEBOL Convention Centre in Luque, Paraguay.

The defending champions Palmeiras were directly assigned as the top seed of Group A (position A1).

The draw for the round of 16 was held on 27 May 2022, 12:00 PYT (UTC−4) at the CONMEBOL Convention Center in Luque, Paraguay.

If tied on aggregate, extra time is not played, and a penalty shoot-out is used to determine the winner (Regulations Article 2.4.3).