The ex-Portugal international has talked up the significance of winning the prestigious competition, noting it is the only major title missing in his club career
Flu became the first team to qualify for the last 16 of South America's premier club competition with a 1-0 win over Zamora last month and Deco highlighted the importance of going all the way in the tournament.
"It's the only title that I have never won in club football," the 34-year-old mused in an interview with SporTV.
"We know that the Copa Libertadores title would be fantastic, a dream not only for the players but also for the club."
However, the former Barcelona and Chelsea star acknowledged that Flu had some way to go to before becoming the best team in South America.
"We are not the best, no," he admitted. "But we have a group of players with whom you can dream of winning important things."
Deco has won domestic championships in Portugal, Spain, England and Brazil and has also lifted the Champions League trophy twice.