After both of these South American nations failed to qualify for the World Cup, attention now turns to Copa América 2024.
Peru ended their 36-year World Cup exile in Russia, ousting New Zealand in the inter-confederation play-offs.
In this cycle, la Blanquirroja finished fifth again, so would face the play-offs once more, this time taking on Australia.
This time though, it was heartbreak for Peru, ousted by the Socceroos following a penalty shootout.
Luis Advíncula and Alex Valera failing to convert from 12 yards in Al-Rayyan.
Since then, the highly successful Ricardo Gareca has resigned as Head Coach, with Juan Reynoso the new man in charge.
Paraguay meanwhile finished eighth in CONMEBOL qualifying, winning just three of eight matches.
So, despite having featured at eight World Cups to date, los Guaraníes have now failed to qualify for three on the bounce for the first time in 40 years.
Guillermo Barros Schelotto’s team are currently unbeaten in four friendlies, a streak they’re hoping to continue.
Will the hosts make home advantage count at Estadio Nacional del Perú?