Here we assess the betting odds for each team ahead of the round of 16.
Paris Saint-Germain v Barcelona
Barcelona emerged with the best record from this season's Champions League group stage to strengthen their position as favourites to lift the trophy for the fifth time in 12 years, but the draw for the first knockout round could have been kinder to the Catalan giants.
Barca's two-legged clash with PSG is the pick of the last-16 ties, but Luis Enrique's side still head the outright betting at 7/2 and are just 6/5 to reach the final at Cardiff's Millennium Stadium on June 3.
The fabled strikeforce of Lionel Messi, Luis Suarez and Neymar came to the fore as they comfortably topped Group C, putting seven goals past Celtic at Camp Nou and scoring four times against both Manchester City and Borussia Monchengladbach on home turf.
However, a 3-1 defeat at Etihad Stadium highlighted how Barca's defence can sometimes be fragile on the road and will give PSG hope of claiming a first-leg lead in Paris.
The big-spending French outfit appeared to be missing talismanic front man Zlatan Ibrahimovic earlier this season and are in the unaccustomed position of being second in Ligue 1 behind Monaco, having taken that title by a record 31 points last term.
PSG's form has improved, with Edinson Cavani stepping up to the plate, but most pundits believe they will be left to rue surrendering top spot in Group A to Arsenal after a shock 2-2 draw against Ludogorets in the final round of fixtures, and Unai Emery's side are 30/1 to secure a maiden European Cup triumph.
Arsenal v Bayern Munich
Arsenal have hardly been rewarded for topping their pool for the first time since the 2011-12 season, though, with the Gunners being drawn out alongside five-time winners Bayern Munich.
Arsene Wenger's side have crashed out at this point for the past six years and are 3/10 to suffer the same feat here.
The Frenchman is possibly hoping for divine intervention to help buck the trend, commenting: “They said that God made the world in seven days and this is the seventh day for us! So we have to get a special day.
“We are all here to change history. We are here to make history, so we have to change what happened before. And make it better.”
Arsenal failed to get past Bayern at this stage in 2013 and 2014 and were eased out to 27/1 to lift the trophy and 9/2 to reach the semis after the pairings were announced.
They will at least have the advantage of playing at home second this time, having given themselves a mountain to climb with 3-1 and 2-0 defeats at Emirates Stadium in those recent encounters.
These familiar foes also met during last season's group stage, with Arsenal prevailing 2-0 in London before being routed 5-1 in the return fixture in Munich.
This term, Bayern could only manage second place behind Atletico Madrid after slipping to a surprise 3-2 defeat to Rostov in Russia, but they did win all three home games by an aggregate score of 10-1.
Carlo Ancelotti's side are 4/1 to repeat their outright success of 2013, although the Gunners will have noted rumours of unrest in the Bayern dressing room, with some veteran Germany internationals reportedly unhappy with the performances of certain foreign imports.
“We know what must improve on the pitch and in the dressing room," commented captain Philipp Lahm recently. “We don’t know why part of the team does not see the problem.”
Real Madrid v Napoli
It could arguably have been even worse for Arsenal, as Real Madrid were also in the pot for second-placed teams and in the end it was Napoli who drew the short straw by being paired with the defending champions.
Zinedine Zidane has had to cope without the injured Gareth Bale since late November, but Cristiano Ronaldo has been doing the business as usual and Los Merengues have already added the FIFA Club World Cup to their trophy cabinet this term.
Real are 4/1 to increase their record haul of 11 triumphs in Europe's elite club competition, but they will have to watch out for Belgium hot-shot Dries Mertens, who has hit a real hot streak in front of goal of late.
With Gonzalo Higuain departing for Juventus and replacement Arkadiusz Milik suffering a cruciate ligament injury, many feared Napoli would struggle up front, but Mertens netted four times in a 5-3 defeat of Torino in mid-December and has also hit two hat-tricks in the past couple of months.
Punters can get 80/1 the 29-year-old helps fire the Italian outfit to a first European trophy since Diego Maradona inspired them to UEFA Cup glory back in 1989.
Bayer Leverkusen v Atletico Madrid
Atletico Madrid, beaten finalists twice in the last three years, are 10/1 to give Spain a fourth straight triumph ahead of taking on Bayer Leverkusen, with Diego Simeone determined to gain compensation for a penalty shoot-out loss to city rivals Real in Milan just over eight months ago.
A strong defence looks key to their prospects, with Atletico heading Group D on 15 points despite scoring only seven goals in six games, as they managed to keep four clean sheets and conceded only twice.
Leverkusen emerged from Group E unbeaten, with their two victories being a 1-0 defeat of Tottenham at Wembley and a 3-0 win over table toppers Monaco in the closing round of matches.
The 2002 runners-up have been struggling in the Bundesliga this term, though, and can be backed at 125/1 to lift the trophy.
Sevilla v Leicester
Sevilla complete a strong quartet of LaLiga qualifiers – an all-Spanish final is 3/1 – and they are favourites to end Leicester's fairytale after prevailing in the Europa League for the past three seasons.
A 3-1 home defeat to Juventus cost them first place in Group H, but Los Rojiblancos are right up there with Real Madrid and Barcelona in La Liga this term, so 31/1 they go all the way in this competition is sure to tempt some.
The Foxes face the threat of going from shock Premier League champions to being relegated, but they showed no signs of being overawed in this tournament when making short work of Group G.
Admittedly that was a pretty weak section, but opening with four wins and a draw allowed Claudio Ranieri to rest players for a closing 5-0 loss at Porto and they are 60/1 for a dream outright success and 20/1 to make the decider in Wales.
Manchester City v Monaco
Manchester City got as far as the last four for the first time in their history last season and they are just 9/2 to go one step further this time, while it is 13/1 for Pep Guardiola to add to his 2009 and 2011 triumphs when in charge of Barcelona.
Guardiola got the better of Manchester United in both of those finals, so it would be quite a coup to now lead their 'noisy neighbours' to European glory.
Defensive issues remain a big concern for the Blues, but Guardiola masterminded a 3-1 win over his old club at Etihad Stadium in the group stage and last-16 rivals Monaco will have noticed the addition of new sensation Gabriel Jesus to City's Champions League squad.
The French outfit, featuring a rejuvenated Radamel Falcao, are flying high in Ligue 1, though, and did beat Tottenham at home and away on route to winning Group E, so it may be foolish to write them off as 70/1 longshots to lift the trophy.
Porto v Juventus
Perennial powerhouses Juventus topped Group H in true Italian fashion, conceding only two goals in six games, and they are 12/1 to emulate their 1985 and 1996 triumphs ahead of tackling 125/1 outsiders Porto.
Massimiliano Allegri's side prevailed in all three away games and are 23/17 to take a first-leg lead back to Turin with them after visiting Portugal on February 22.
Porto were held at home by Copenhagen and lost to Leicester but then took 10 points from their final four games and only conceded one goal, so they at least have some momentum to take into the knockout stage.
Borussia Dortmund v Benfica
The final tie sees 1997 winners Borussia Dortmund go up against another 125/1 chance in Benfica, with the German outfit 12/1 to claim a second title and 6/1 to match their 2013 final appearance, when going down to Bundesliga rivals Bayern Munich at Wembley.
Borussia looked like finishing runners-up in Group F when they trailed 2-0 at Real Madrid in the final round of fixtures, but Pierre-Emerick Aubameyang and Marco Reus - two minutes from time - scored to preserve their unbeaten record and pinch top spot.
Their 21 goals was the best during the group stage, followed by Barcelona (20) and Arsenal (18), and they are 4/1 to finish the tournament as the top scorers.
Player markets
This season's Golden Boot market is dominated by Messi, who is just 1/5 to finish on top of the chart after netting 10 times in the group stage, with nearest rivals Cavani and Robert Lewandowski on six and five respectively and both quoted at 9/1.
Neymar is the man to catch in the assists category on seven and he is 3/10 to prevail here, with Cristiano Ronaldo three behind and a 9/1 chance.
