The hosts have reached the round of 16 after finishing second in Group G, while the visitors managed to finish top of Group C.
Match preview
Atletico Mineiro collected 10 points in their six group stage games, which secured them a second-placed finish, but they have not been quite as convincing in the Brasileiro so far this season.
Galo are currently sitting 13th in the league table, just six points above the relegation zone, but they could still make a push for the top six if they perform far better in the second half of the campaign.
At the moment, however, there are no signs that Felipe Scolari's side are going to improve anytime soon, as they are now on a run of nine games without a win in all competitions, losing three of their last four games.
In their last four outings, CAM have scored just one goal, which came in their last match at home against Flamengo, but they were ultimately unable to take anything from the game.
After taking an early lead through Paulinho, Atletico Mineiro threw the game away in the second half, with Giorgian de Arrascaeta and Wesley scoring second-half goals to ensure the visitors took all three points.
Palmeiras, on the other hand, have been much more impressive in the Brasileiro so far this season, currently sitting up in third place, having taken 31 points from their opening 17 games.
The key to Periquito Verde's success has been their very solid attacking output, scoring 32 goals in the league up to this point, the joint-best record of any side in the division.
Abel Ferreira's side went on a poor run of form starting near the end of June, failing to win in four league games, but they have since managed to improve considerably, and they have won their last two games on the spin.
Last time out, Palmeiras ran out 4-1 winners away at America Mineiro, with Rony bagging a brace to keep his side in the Copa Libertadores qualification places.
Now, Ferreira's side must turn their attention back to the Copa Libertadores, having breezed through Group C to reach this stage of the competition, winning five out of their six group games.
Atletico Mineiro Copa Libertadores form:
L
L
W
W
W
D
Atletico Mineiro form (all competitions):
D
D
L
D
L
L
Palmeiras Copa Libertadores form:
L
W
W
W
W
W
Palmeiras form (all competitions):
L
D
L
D
W
W
Team News
Atletico Mineiro need to find some inspiration from somewhere if they are to stand any chance of qualifying for the quarter-finals, meaning Scolari may choose to mix things up in attack, with Alisson Santana potentially coming in for Cristian Pavon at left-wing.
Hulk is not in the best of form, having failed to score in six of his last seven outings, but he is still CAM's top scorer, and he should get the nod at striker, in what is likely to be a 4-2-3-1 system.
Palmeiras, on the other hand, head into Wednesday's encounter in fantastic form, meaning Ferreira is unlikely to make too many changes, with Rony poised to lead the line after his brace last time out, being supported by attacking midfielder Raphael Veiga.
The Periquito Verde are also likely to utilise a 4-2-3-1 system, with joint-top scorer Artur set to start on the right wing, while Jhon Jhon is likely to get the nod on the opposite flank.
Atletico Mineiro possible starting lineup:
Everson; Saravia, Rabello, Jemerson, Arana; Battaglia, Otavio, Paulinho, Zaracho, Santana; Hulk
Palmeiras possible starting lineup:
Weverton; Mayke, Gomez, Murilo, Piquerez; Menino, Ze Rafael, Artur, Veiga, Jhon; Rony
We say: Atletico Mineiro 0-2 Palmeiras
Atletico Mineiro have been very poor in front of goal in recent weeks, and they have not won in all competitions since the beginning of June, so we cannot see them picking up a positive result on Wednesday evening.
Palmeiras have won their last two Brasileiro games, and they are considerably higher than their opponents in the table, so we expect them to record a comfortable victory.