Argentina has offered to host the entire tournament.
Protests have been ongoing in Colombia since April after the government tried to implement a controversial tax plan.
The proposal was revoked but protestors have continued to demonstrate against police brutality, poor wages and a lack of opportunities for young people.
A number of continental cup matches have been moved from Colombia to Paraguay and Ecuador because of the protests.
Colombia has also been hit hard by the coronavirus pandemic, with the death toll surpassing 83,000 this week.
Argentina is under a strict lockdown until 31 May after a new wave of cases in the country.
Brazil are defending champions from when the tournament was last held in 2019.