Real Madrid, Barcelona, Manchester United, Juventus, AC Milan, Porto, Borussia Dortmund, Bayern Munich and Celtic have all won the competition in the past and will be vying to do so again.
And with Paris Saint-Germain, Arsenal, Shakhtar Donetsk, Valencia, Malaga, Galatasaray and Schalke making up the supporting cast, we are sure to be treated to a number of mouthwatering ties.
The eight group winners will be drawn against the sides who finished as runners up, and will have the luxury of playing at home for the second leg of the tie. At this stage, teams from the same country will not be able to play against each other.
Matters are made more interesting by the fact that three of the former champions - Madrid, Milan and Porto - all finished second in their respective groups and will be drawn against a seeded team in the knockout stages.
Nine-time winners Madrid, for example, could be paired with last season's conquerors Bayern, or Cristiano Ronaldo's former club Manchester United.
Meanwhile, the Rossoneri, who have lifted the trophy seven times, could face daunting trips to Camp Nou or Signal Iduna Park.
The first legs of the last 16 ties will take place on February 12/13 and 19/20, with the return legs scheduled for March 5/6 and 12/13.
The draw starts at 11:30CET on Thursday, and you can follow it via Goal.com International's LIVE! thread, which will be accessible through the homepage.
|THE LAST 16
|| Runners Up
|Borussia Dortmund||Real Madrid|