Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 07/2004 |  | Paulo Centurión | DF | |||
| 07/2004 | | Eduardo Filippini | DF | |||
| 07/2004 |  | Roberto Gimenez | MF | |||
| 07/2004 | | Iván González Ferreira | MF | |||
| 07/2004 | | Cristian Sosa | MF | |||
| 07/2004 | | Edison Torres | MF |  | Racing Club | Racing Club |
| 02/2004 |  | Washington Pereira | FW |  | América - SP | América SP |
| 01/2004 | | Miguel Almiron | DF | |||
| 01/2004 | | Ariel Fernández | DF | |||
| 01/2004 | | Julio Irrazabal | DF | |||
| 01/2004 | | Gustavo Arce | MF | | Racing Club | Racing Club |
| 01/2004 | | Diego Balbuena | MF |  | Cerro Porteño | Cerro Porteño |
| 01/2004 | | Julián Benítez | MF | |||
| 01/2004 | | Pedro Irala | MF | |||
| 01/2004 | | David Mendieta Chávez | MF | |||
| 01/2004 | | Aureliano Torres | MF |  | Sol de América | Sol de América |
| 01/2004 |  | Kenji Fukuda | FW |  | Vegalta Sendai | Vegalta Sendai |
| 01/2004 | | Gauchinho | FW |  | Cruz Azul | Cruz Azul |
| 01/2004 | | Mario Jacquet | MA |  | Sportivo Luqueño | Luqueño |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 07/2004 | | Ariel Fernández | DF |  | Huracán de Comodoro Rivadavia | Huracán |
| 07/2004 | | Fidel Pérez | DF |  | Club Nacional | Nacional |
| 07/2004 | | Gustavo Arce | MF | | Racing Club | Racing Club |
| 07/2004 | | Aldo Barreto | FW |  | Police Tero FC | Police Tero FC |
| 01/2004 | | Mauro Monges | MF | | Club Nacional | Nacional |
| 01/2004 | | Angel Ortiz | MF |  | Libertad | Libertad |
| 01/2004 | | Otelo Ocampos | FW | | Club Nacional | Nacional |