bet365's Sports and Trading expert Steve Freeth said: "The pre-tournament favourites are out and we’ve been handed a number of mouth-watering ties at the last-16 stage of the UEFA Champions League.
"The biggest losers from the draw seem to be Liverpool who have drifted from 4/1 out to 11/2
"Barcelona were 14/1 outsiders before a ball was kicked but they look to be the winners from the outcome in Nyon having shortened further into 9/2
"Bayern Munich v Bayer Leverkusen looks a cracker, as does Real Madrid versus Atletico with Diego Simeone having to deal with multiple fixtures against their city rivals and Barcelona over the next few weeks.
"Tyrone Mings won’t need reminding about Bruges as 33/1 11/2
Real Madrid remain the favourites to lift the UEFA Champions League trophy for a record-extending 16th time.9/2 11/2
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One outcome is that there will be no all-English UEFA Champions League final this year with Arsenal, Aston Villa and Liverpool all on the same side of the draw.
A fascinating Liverpool v Aston Villa quarter-final is in the offing and if Arsenal are able to topple PSV Eindhoven and one of the Madrid outfits, they will await the winners between Arne Slot's Reds and Unai Emery's Villans.
Real Madrid and Atletico Madrid's rivalry on the European stage is renewed with the 2014 and 2016 UEFA Champions League finalists to clash for a chance to play one of Arsenal or PSV Eindhoven.
Bundesliga rivals Bayern Munich and Bayer Leverkusen meet in another tantalising last-16 showdown and Xabi Alonso's record against Bayern is exemplary, having not lost to them since taking charge at the BayArena.
Liverpool's reward for finishing top of the League Phase is a thankless tie against Paris Saint-Germain, who outlined their credentials for this year's competition with their 7-0 dismantling of Brest.
Inter will face Feyenoord, who eliminated their local rivals Milan, while Borussia Dortmund take on Lille with the winner encountering one of Barcelona or Benfica.
Here's the last-16 draw in all its glory:
Bayern Munich v Bayer Leverkusen
Benfica v Barcelona
Borussia Dortmund v Lille
Club Brugge v Aston Villa
Feyenoord v Inter
Paris Saint-Germain v Liverpool
PSV Eindhoven v Arsenal
Real Madrid v Atletico Madrid
Apologies if this starts to look slightly complicated.
PSG or Liverpool v Aston Villa or Club Brugge
PSV Eindhoven or Arsenal v Real Madrid or Atletico Madrid
Benfica or Barcelona v Borussia Dortmund or Lille
Bayer Leverkusen or Bayern Munich v Feyenoord or Inter
I suspect the Catalan giants will be slightly happier than Liverpool and that concludes the last-16 draw.
A tricky encounter against the French champions for Arne Slot's men.
Italian champions Inter will face the conquerors of their local rivals, Feyenoord.
Mikel Arteta's men learn of their last-16 opponents.
That of course means we have an all-German affair.
We've been treated here! A mouth-watering Madrid derby.
That means Ligue 1 side Lille will meet last year's finalists Borussia Dortmund.
Unai Emery's men reacquaint themselves with Belgian outfit Club Brugge, who defeated them during the League Phase.
The top eight clubs from the League Phase are paired based on their positions in the standings to form four seeded pairs: 1st and 2nd, 3rd and 4th, 5th and 6th, 7th and 8th.
Teams seeded in couples will be on separate sides of the draw and cannot meet until the final.
Those clubs in each seeded pair are then drawn into one of two positions in the last-16 against the relevant winner of the knockout phase play-offs, whose position had already been determined by the knockout phase play-off draw.
Former Bayern Munich striker Giovane Elber, who won the UEFA Champions League with the Bavarian giants in 2001, has been introduced to the stage and will be participating in the draw.
This year's final will be held at Bayern's home stadium, the Allianz Arena.
Not long to go now until the draw is underway in Nyon for the UEFA Champions League last-16.
Serhou Guirassy currently leads the UEFA Champions League goalscoring charts having netted 10 goals for Borussia Dortmund, which includes the goal that sent them on their way to a 3-0 triumph over Sporting CP in the knockout play-offs.
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Spain, England and Germany each have three sides remaining in the UEFA Champions League and all three countries feature some of the big hitters including Real Madrid, Liverpool and Bayern Munich.
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Arsenal are aware they will be facing an Eredivisie team in the last-16 with Feyenoord and PSV Eindhoven their two possible opponents.
Accompanying the eight teams who finished in the top eight of the League Phase are the eight teams who advanced through the play-off phase.
Manchester City, pitted against the might of Real Madrid, were convincingly conquered at the Santiago Bernabeu courtesy of a Kylian Mbappe hat-trick as Los Blancos continued their quest of a record-extending 16th title.
Bayern Munich required a late rescue act from Alphonso Davies to topple Celtic, while it was a forgettable week for all competing Italian clubs as Milan, Atalanta and Juventus were eliminated at the hands of Benelux trio Feyenoord, Club Brugge and PSV Eindhoven respectively.
Champions League knockout play-off aggregate results
AC Milan 1-2 Feyenoord
Atalanta 2-5 Club Brugge
Bayern Munich 3-2 Celtic
Benfica 4-3 Monaco
Borussia Dortmund 3-0 Sporting CP
Paris Saint-Germain 10-0 Brest
PSV Eindhoven 4-3 Juventus
Real Madrid 6-3 Man City
You can watch the draw in full live on the UEFA website or YouTube channel. Alternatively it's available to watch on TNT Sports or the Discovery+ app.
If you're unable to watch the draw, we'll have all of the updates right here! Plus we won't bore you with the pre-draw formalities.
We have odds available on site for the UEFA Champions League last-16 draw, where teams will face one of two possible opponents.
Arsenal
Aston Villa
Liverpool
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The draw for the last-16 of the UEFA Champions League is set to commence at 11:00 GMT.
