Boca Juniors set up a mouthwatering Copa Libertadores final with city rivals River Plate after drawing 2-2 with Palmeiras in Brazil to win the semi-final 4-2 on aggregate.

It is the first time two Argentinian sides have met in the final of South America’s most prestigious club trophy. “There is no favourite, this will be a Superclásico like no other,” said the Boca striker Ramón Ábila. “Now it is 50-50 chance of winning the trophy.” Both matches of the two-legged final will be played in Buenos Aires.

River Plate reached the final after a controversial 2-1 win at defending champions Grêmio. The Argentinians had lost at home 1-0, but qualified on the away goals rule after a VAR-awarded penalty in the fifth minute of 14 minutes of added time, which led to the referee Andres Cunha requiring protection from armed police.

Boca all but ended the Palmeiras coach Luiz Felipe Scolari’s hopes of making it to the final in Sao Paulo as early as the 18th minute, when Abila cooly converted a low cross from Sebastián Villa before Luan equalised for the home side seven minutes into the second half with a powerful shot through the goalkeeper’s legs.

Gustavo Gómez put the Brazilians ahead from the penalty spot on the hour mark but Dario Benedetto, who scored both Boca’s goals in the first leg in Buenos Aires, drew the Argentines level in 69 minutes with a low shot from 25 yards out.

After the match, Scolari said the two Argentinian rivals deserved to be in the final of the tournament. “I liked Boca’s teamwork very much, but it will be an Argentinian derby. Both deserved to be there,” he said.

River Plate players celebrate at the final whistle after beating defending Copa Libertadores champions Grêmio. Photograph: André Penner/AP

The two legs of the final are initially scheduled for 7 November and 28 November but club officials said there could be changes because of a political summit in Buenos Aires. If that is the case, the matches will be moved to 10 November and 24 November.

The first leg will be at Boca’s La Bombonera and the second at River’s Monumental de Nunez. Boca will hope to win the title for record-equalling seventh time to match the feat of Independiente, also of Argentina. River are aiming for a fourth Copa Libertadores title, with the latest being in 2015.

It will be the third time Boca and River have faced in a knockout tie of South America’s top club tournament. In 2000 Boca beat River in the quarter-finals after losing 2-1 away and winning 3-0 at home. Four years later they faced off in the semis, with Boca advancing on penalties after a 2-2 aggregate result. In 2015 they played in the round-of-16, with River through after a 1-0 victory at home and Conmebol eliminating Boca due to pepper gas spread by its fans at La Bombonera at the second leg.

The two rivals have met in only three cup finals in their history. Boca triumphed in the national championship of 1976 and River won this year’s supercopa, played by the winners of the Argentine first division and Copa Argentina.

Watching Boca v River was once ranked No1 in Observer Sport Monthly’s 50 sporting things you must do before you die with the atmosphere at Superclásicos widely regarded as the wildest in football. Given the gravity of the two games, the two stadiums will look and sound spectacular.