Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 12/2004 |  | Jhonny Baldeon | FW | |||
| 07/2004 |  | Carlos Solis | DF |  | Estudiantes de Medicina | Estudiantes de Medicina |
| 07/2004 | | Luis Saritama | MF |  | Deportivo Quito | SD Quito |
| 07/2004 |  | Claudio Sarría | MF |  | Talleres de Córdoba | Talleres |
| 07/2004 | | Flávio Maestri | FW |  | Vitória - BA | EC Vitória |
| 01/2004 | | Leao Butrón | GK |  | Alianza Atlético | Alianza Atlétic |
| 01/2004 | | George Forsyth | GK |  | Universidad Nacional San Agustín | Atlético Uni. |
| 01/2004 | | Wenceslao Fernandez | DF |  | Sport Boys | Sport Boys |
| 01/2004 | | Martín Hidalgo | DF |  | FK Saturn | FK Saturn |
| 01/2004 | | Saulo Aponte | FW | |||
| 01/2004 | | Roberto Silva | FW |  | Chiapas FC | Chiapas |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 07/2004 | | Carlos Fernández | DF | | Estudiantes de Medicina | Estudiantes de Medicina |
| 07/2004 | | Pablo Zegarra | MF |  | CD Guijuelo | CD Guijuelo |
| 07/2004 | | Jefferson Farfán | FW |  | PSV Eindhoven | PSV Eindhoven |
| 07/2004 | | Roberto Silva | FW |  | Caracas FC | Caracas FC |
| 01/2004 | | Jesús Cisneros | GK |  | Cienciano | Cienciano |
| 01/2004 |  | Gustavo Roverano | GK |  | Sporting Cristal | Sp. Cristal |
| 01/2004 | | Cristian García | DF |  | FBC Melgar | FBC Melgar |
| 01/2004 | | Amiltón Prado | DF | | Sporting Cristal | Sp. Cristal |
| 01/2004 | | Walter Zevallos | MF | | FBC Melgar | FBC Melgar |
| 01/2004 | | Juan Carlos Portilla | FW |  | Universidad San Martín | Uni. San Martín |
| 01/2004 | | Antonio Serrano | FW |  | FAS | FAS |
| 01/2004 | | Nicolas Tagliani | FW |  | Jorge Wilstermann | Wilstermann |