Between them they have won two of the last four World Cups, and three of the last four European Championships, so tonight's clash at the Vicente Calderon should in theory prove entertaining if nothing else.
Given their status as double European and world champions, Spain are naturally favourites, priced at 4/9 (1.44) by Paddy Power to record a victory.
While the price may not seem huge, there could be some appeal for serious punters, especially when considering the fact that La Roja have won each of their last 24 qualifying matches.
That record-breaking run is almost certainly the reason behind the seemingly huge price of 7/1 (8.00) for France to win, while the draw can be backed at 16/5 (4.20).
Punters wishing to invest in Spain will perhaps be tempted by the price of 11/10 (2.10) offered for Spain half-time/full-time and also for Spain to win to nil.
Both of those bets paid out the last time the two sides met back in June at Euro 2012, when Spain ran out 2-0 winners, and surely have a good chance of proving correct selections this evening.
Yet, the serious money should be invested in over 2.5 goals being scored, available at the highly-appealing price of evens (2.00). Spain's goalscoring prowess is well documented but, at the back, injuries have left them looking potentially vulnerable in defence.
Though they never looked in any trouble against Belarus on Friday, France's strikeforce have more than enough quality to cause Iker Casillas and his back four problems.
With les Bleus failing to keep a clean sheet in any of their last six encounters with Spain, a high-scoring game looks probable.
For a value bet, back Cesc Fabregas to score at anytime - offered at 12/5 (3.40).
With Vicente Del Bosque choosing often to deploy the former Arsenal man as a 'false nine', Fabregas is as close to a centre forward as Spain will have on the pitch, and his finishing ability means the price offers excellent value.
|Over 2.5 goals at evens (2.00) with Paddy Power
||Cesc Fabregas to score at any time at 12/5 (3.40) with Paddy Power|
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Phil Kitromilides is a sports broadcaster working on radio and TV in London and Madrid. You can also follow Phil on Twitter.