Both sides are separated by just two points in the group with Colon in second, level with leaders Cerro Porteno.
Match preview
The 2022 Copa Libertadores has been a very tight competition so far with Group G being no exception.
Just two points separate the top three sides with Colon coming into this match following a 2-1 win in their last continental outing, whereas Olimpia beat bottom side Penarol 1-0.
The Paraguayan side will need to keep up that form in this away trip, otherwise they could be looking at an early exit from the competition.
However, they will need to be on top form come Wednesday night, considering Colon have won every home match in the Copa Libertadores this season.
It is such form that Colon have not been able to translate to the league yet, with the Argentinian side winning just three games in 14.
Meanwhile, Olimpia are flying high in third with four wins in their past five league matches, which is form that may give them the edge in this game.
It is at the back where they excel the most, conceding just 15 goals in 16 league games, and just two in the Copa Libertadores so far.
That said, for what they have at the back, they lack in attack leaving the side on zero goal difference in the group, which makes it no surprise that the reverse fixture of this game was a bore draw in April.
Meanwhile, although Colon seem to love scoring, they have their own problems in the form of a leaky defence, which may result in both of these sides cancelling each other out once again.
Should that happen, then it will suit Colon a lot more than Olimpia, who could end up dropping into the Copa Sudamericana considering their significant, four-point gap to Penarol.
Colon Copa Libertadores form:
Colon form (all competitions):
Olimpia Copa Libertadores form:
Olimpia form (all competitions):
Team News
Olimpia's 4-1 win on the weekend was the first time they have scored more than one goal in a match since April.
Therefore, it is likely they will stick with a very similar side that had Nestor Camacho and Guillermo Paiva leading the forward line.
It is also worth keeping an eye out for Derlis Gonzalez, who had an eight-year stint in Europe, winning the Swiss Super League for Basel and Ukrainian Premier League with Dynamo Kiev.
Primarily a forward player, Gonzalez is also utilised as a winger, so could cause havoc down those flanks for the visitors.
Colon, meanwhile, like to rotate between the Copa Libertadores and the Argentine Primera Division.
For Copa Libertadores fixtures, their attack is often spearheaded by Lucas Beltran and Facundo Farias, which has proved to be an effective partnership thus far.
With a full clean bill of health for both sides, they should field their strongest lineups in this crucial matchup.
Colon possible starting lineup:
Burian; Meza, Garces, Goltz, Delgado; Aliendro, Bernardi, Lertora, Teutan; Farias, Beltran
Olimpia possible starting lineup:
Aguilar; Salazar, Cardozo, Aguayo, Torres; Silva, Candia, Paredes, Gonzalez; Camacho, Paiva
We say: Colon 1-1 Olimpia
Colon and Olimpia are very evenly matched and with both teams having the strength the other side lacks, it is likely that they could cancel each other out.