Manchester City are 5.39/2 to win the Champions League after they were drawn against Borussia Monchengladbach in the first knock-out round.
City are rated the second most likely winners after favourites and defending champions Bayern Munich 3.953/1.
Six-times winners Liverpool 7.26/1 were drawn against RB Leipzig, who dumped Manchester United out last week, while Chelsea 18.5 landed a tough tie against Atletico Madrid.
Elsewhere there's a plum tie - aka 'Neymar Derby' - between Barcelona and Paris Saint-Germain and a clash of upstarts and aristos in Atalanta v Real Madrid.
City and Liverpool fancied to beat German opponents
The Champions League is the grail for Manchester City and their manager Pep Guardiola - regardless of what the latter says. They will be pleased with their draw against Borussia Monchengladbach but should take nothing for granted after crashing out to Lyon last season.
They know the Germans well, having played them four times in this competition, winning three and drawing one. City are odds on to win the first leg in Germany on 16 February.
Liverpool have never played RB Leipzig but manager Jurgen Klopp's knowledge of German football should come in handy as he takes on rising technical area star Julian Nagelsmann.
The Reds have a strong record against German opposition, having won seven and drawn three of their last 10 against them. Liverpool are just shorter than evens to win the first leg in Germany even though RB are a tough proposition at home, as United found out in the previous round and Spurs discovered last season.
Atleti's Simeone will be tough opponent for Chelsea's Lampard
On last week's Football...Only Bettor podcast our experts said Atletico were the second-placed team that all the group winners wanted to avoid. But that is the fate that's befallen Chelsea and facing Diego Simeone's side over two legs will be a stern test of Frank Lampard's tactical mettle.
Chelsea were outclassed by Bayern Munich in last year's round of 16 and, if the Blues are to avoid the same fate, they'll need to be at their best this time around. Chelsea have played Atleti six times in the Champions League and lost only once. In fact, a certain attacking midfielder scored when the Blues beat the Spaniards at Stamford Bridge in 2009.
The early odds makes Atletico odds-against favourites to win the first leg in Spain.
In the remaining ties, Lazio had the misfortune to land favourites Bayern, while Cristiano Ronaldo goes back to Portugal as Juventus play Porto and Sevilla take on Borussia Dortmund who will be under new management.