The 42nd edition of the 12-team tournament, which showcases South American football and was first played in 1916, is taking place from June 26 to July 15 in baseball-mad Venezuela for the first time.
The competition, which is held every two years apart from when it clashes with the World Cup, will also allow players to showcase their skills in efforts to secure potentially lucrative transfers to European leagues this summer.
Argentina and Brazil are the obvious favourites, however Uruguay, Colombia and Chile have been rebuilding and are hoping to cause some upsets, with Peru, Paraguay, Ecuador and Bolivia also looking to make their mark.
Venezuela will be hoping their home advantage lifts them, while near neighbours United States and Mexico have been invited to the tournament from the Confederation of Central American and the Caribbean (CONCACAF).
Brazil, in Group B with Mexico, Chile and Ecuador, have a new look side from the team which were shocked in the World Cup quarter-finals by France, as coach Dunga goes for a more youthful line-up with stalwarts Ronaldo, Robert Carlos, Cafu and Adriano, not featuring.
Significantly, Brazilian playmakers Ronaldinho and Kaka have both requested to sit-out the tournament as they recover from their long seasons in Europe.
New talent
Dunga is looking to blood new talent with midfielder Elano (Shakhtar Donetsk) and striker Vagner Love (CSKA Moscow) both getting the nod, along with midfielders Anderson and Joshua, full-back Kleber and defender Alex Silva.
Defender Juan, who has agreed a moved from Bayer Leverkusen to AS Roma, Werder Bremen midfielder Diego and Arsenal's Gilberto Silva as well as strikers Robinho (Real Madrid) and Fred (Lyon) have also been included.
Dunga's confidence has been boosted by recent positive results in friendlies including a 3-0 win over Argentina and a 4-0 rout of Chile.
"The art of soccer does not exist, soccer is a competition, it is like life. In life only results count," said Dunga enigmatically.
Brazil open against Mexico on June 27 in Puerto Ordaz.
Youth and experience
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Argentina's Juan Roman Riquelme has been
in top form for Boca Juniors [GALLO/GETTY] |
Alfio Basile, Argentina coach, is also counting on a mixture of youth and experience as he looks for a record 15th Copa title and their first since 1993.
Basile has called up an attacking force including Hernan Crespo, Barcelona's teenage star Lionel Messi, West Ham's Carlos Tevez, with midfielder Juan Roman Riquelme returning after quitting last year.
Riquelme, 28, on loan from Villarreal in Spain scored both second leg goals to help Boca Juniors win their sixth Copa Libertadores title this week, while Crespo won the Serie A title with Inter Milan.
"I have a team who have won titles, who have been victorious," Basile said.
Argentina begin their campaign on June 28 against Group C rivals United States in Maracaibo, and will also face Paraguay and Colombia in the first round.
Government funding
For hosts Venezuela, drawn in Group A with Uruguay, Peru and Bolivia, the tournament is being seen as a way of improving their country's image.
President Hugo Chavez, whose government is flush with cash from booming oil prices, has ploughed a record $1,000 million into ensuring their biggest sporting event since the 1983 PanAmerican Games goes off without a hitch.
That figure dwarfs the $24 million spent by Uruguay in 1995, the $10 million by Bolivia in 1997, $20 million by Colombia in 2001 and $13.2 million by Peru in 2004.
New roads have been built and systems of transport improved, while three new stadia have been constructed and another six overhauled for the event which will take place in nine Venezuelan cities.