Regional integration agreements have oriented toward common educational exchanges within the region. In previous research, Jane Knight's functional, organizational, and political approaches model (FOPA) has been proven to capture a large spectrum of the main aspects relevant to the study of the regionalization of higher education. Knight's threefold framework allows for an analysis of the role of different actors, institutions, programs, systems, networks, and agreements in those challenges. However, this model has only been applied to the study of African and Asian regions, while the regionalization of higher education in South America has remained understudied. The advent of the Educational Mercosur (SEM -- Sector Educativo del Mercosul) in 2006 and other affords from ALBA-TCP, UNASUR, Pacific Alliance, and CAN present an opportunity to test the FOPA framework in South America. This paper analyzes the meaning, concepts, and processes occurring in the regionalization of South American higher education. The result is a "panoramic screenshot" covering educational initiatives that promote regionalization in the region. The higher education agenda is visibly present in the scope of the South American regionalism. In conclusion, the paper identifies key questions for future research.