While Flamengo are vying to win their four Copa Libertadores trophy, Olimpia are also seeking to lift a fourth continental crown and their first for over 20 years.
Match preview
For the sixth successive year, Flamengo have progressed to the knockout rounds of the Copa Libertadores, although the reigning champions had to settle for second place in Group A of this year's competition.
Indeed, the Brazilian giants suffered a surprise 2-1 loss to Ecuadorian side Aucas in their opening group-stage match before picking up 11 points from their next five fixtures, finishing two points behind group winners Racing Club.
Since gaining revenge over Aucas with a comfortable 4-0 victory in their final group game at the end of June, Jorge Sampaoli's side have enjoyed an eight-game unbeaten run on the domestic front, including a dramatic 2-1 comeback win over Atletico Mineiro in the Brasileiro on Sunday.
Flamengo were staring down the barrel of defeat heading into the final 10 minutes, but two quickfire strikes from Giorgian de Arrascaeta and Wesley Franca, the latter of whom netting an 87th-minute winner, turned the game on its head to help the Scarlet-Black end a run of three successive league draws.
Sampaoli's side, who remain second in the Brasileiro standings and 12 points behind leaders Botafogo, head into Friday's Copa Libertadores clash in buoyant mood and will be confident of success against an Olimpia side whom they thrashed 9-2 on aggregate in the quarter-finals just two years ago.
A year on from failing to advance from the Copa Libertadores group stage, Olimpia topped Group H of this year's competition after accumulating 14 points from six fixtures - only Palmeiras (15) picked up more points in the group stage.
Despite dropping four points in their opening three group games, the Paraguayan side went on to secure three comfortable victories against Patronato, Atletico Nacional and Melgar, winning by an aggregate score of 9-1, to climb to the summit.
Olimpia have since failed to replicate their strong continental form on the domestic front, though, as they have endured a disappointing five-game winless run, with a penalty-shootout loss to second-tier side Sportivo San Lorenzo in the Copa Paraguay third round proving to be the final nail in Diego Aguirre's coffin.
Francisco Arce has since taken the reins and he somewhat steadied the ship by guiding Olimpia to a 1-1 league draw with Trinidense last weekend, with substitute Facundo Zabala netting a 73rd-minute equaliser to rescue a point.
Olimpia, who already sit 11 points behind Primera Division Clausura leaders Libertad after four games, now shift their focus to Friday's Copa Libertadores clash with Flamengo, and they will be seeking to claim their first win over the Brazilian side since March 2012 when they secured a 3-2 victory in the group stage of South America's premier club competition.
Flamengo Copa Libertadores form:
L
W
D
D
W
W
Flamengo form (all competitions):
D
W
D
D
W
W
Olimpia Copa Libertadores form:
D
W
D
W
W
W
Olimpia form (all competitions):
Team News
Flamengo are set to be without David Luiz (knee), Ayrton (leg) and Erick Pulgar (muscle) due to injury, while Rodrigo Caio is doubtful with a virus.
Highly-rated attacker Matheus Franca has been strongly linked with a summer move to Crystal Palace and the 19-year-old is not expected to feature against Olimpia.
Top scorer Pedro, who has scored 26 goals in 37 games across all competitions so far this season, was an unused substitute against Atletico Mineiro, but he should be recalled to lead the line on Friday, with Gabriel Barbosa either supporting him in attack or dropping down to the substitutes' bench.
As for Olimpia, they are still having to cope without defenders Saul Salcedo and Luis Caceres who are yet to play this season due to long-term ligament injuries, while attacker Derlis Gonzalez has missed the last four months with a knee problem.
However, Jhohan Romana and Victor Salazar both recovered from injury to feature in the draw with Trinidense - with the former playing the full 90 minutes at centre-back and the latter coming on at right-back for the final half-hour - and both defenders are set to be involved on Friday.
Guillermo Paiva, who is Olimpia's top scorer so far this season with nine goals, was not named in the matchday squad for the last match and it remains to be seen if the striker will feature against Flamengo.
Flamengo possible starting lineup:
Cunha; Franca, Bruno, Pereira, Luis; Hugo, Maia; Ribeiro, De Arrascaeta, Henrique; Pedro
Olimpia possible starting lineup:
Espinola; Barreto, Zarate, Gamarra, Zabala; Cardozo, Ortiz, Fernandez, Torres; Montenegro, Bruera
We say: Flamengo 2-0 Olimpia
Considering Flamengo are unbeaten in each of their last 10 home matches in all competitions, the Brazilian hosts will be regarded as firm favourites to come out on top on Friday.