La Albiceleste, spearheaded by Sergio Aguero and Carlos Tevez, are in search of their first victory in the trophy since 1993.
Paraguay, meanwhile, will be looking to pull off a shock and have ex-City man Roque Santa Cruz in their ranks.
The 33-year-old forward, who now plays his club football in Mexico with Cruz Azul, heads into the game in good spirits after his brace in last Sunday’s warm up game against Honduras.
Santa Cruz will face formidable defensive opposition in the form of City duo Martin Demichelis and Pablo Zabaleta.
Ahead of the game City right back Zabaleta declared he is hoping to make up for a trophy-less season at City with Copa America victory.
“It’s been disappointing this season, for me personally, not to win anything with Manchester City,” he said.
“You look at the players we have got in the team and you expect to win something.
“It’s the same with the national team, but football is like that sometimes and it happens. Not everything is perfect.
“After what happened with City, I need to make sure we can do something with Argentina.”
On top of the City trio Argentina boast arguably the world’s greatest player in Lionel Messi.
Paraguay coach Ramon Diaz is not planning to man mark him but said: “We’ll try to make Messi not as comfortable as we’ve seen in some games.
“He’s a very smart kid. He has intelligence and the ability to play on the sides or in the middle. He knows when to walk, when to recover and when to participate. A lot will depend on our concentration when he receives the ball.
“With a tough team, we can move in all sectors. We must counter Argentina.”
