The two remaining Spanish teams remain at the head of the market while Paris Saint-Germain have been priced up as longshots at 33/1 for European glory
David Beckham, who faced the Catalan giants several times during his years at Real Madrid, could line up for Carlo Ancelotti's side against the favourites.
The Liga leaders overturned a 2-0 first-leg deficit against AC Milan in the last round and after back-to-back domestic losses against Real Madrid look somewhere back to their best.
Real Madrid got the better of Manchester United at Old Trafford in the last 16 in controversial circumstances and with little chance of catching Barcelona in the Spanish title race, Jose Mourinho's men now seem likely to focus their attention on their European and Copa Del Rey chances.
|Champions League Winner
Bayern Munich remain third favourites but face a potentially tricky tie against Italian champions Juventus who saw off Celtic 5-0 on aggregate over two legs.
The German side are now 4/1 (5.0) to win the tournament, being pushed out from 11/4 (3.75) with Juventus now rated as 12/1 shots.
Two of the lesser fancied teams ahead of the draw have drawn each other in the first tie to be named.
Malaga were the first team to be drawn and will face Borussia Dortmund, the reigning Bundesliga champions, who saw off Shakhtar Donetsk in the last round.
The Spanish side have slid from 33/1 (34.0) and have now been pushed out to 66/1 with the bookmakers, who are clearly of the opinion that the German side will progress. Dortmund have been trimmed to 8/1 by BetVictor.
The first leg of each tie will be played on April 2/3. The second legs are to be played a week later on April 9/10, with the final to be contested at Wembley on May 25.
Fixtures in full
Malaga v Borussia Dortmund
Real Madrid v Galatasaray
PSG v Barcelona
Bayern Munich v Juventus
Sign up with BetVictor for a £25 free bet
Jim Knight is Betting Editor at Goal.com and has been tipping football games since he was old enough to place a bet. He is a Leicester City fan, writer and member of the We Are Going Up Podcast
Follow Jim on