It has been clubs from La Liga that have dominated the Champions League in recent years, with Spain providing six of the last nine winners.
Real Madrid and Barcelona remain among the favourites to claim the title once more, yet the biggest threat to their dominance will surely come from England.
Premier League presence
Five of the 16 teams left in the tournament come from the English top flight, with current favourites Manchester City and Chelsea, the last English team to lift the trophy, amongst them.
In bet365's market for nationality of the tournament winner, it is understandable to find England as the clear frontrunner at 11/8 (2.37).
Three of the five English sides left - Man City, Manchester United and Liverpool - have last 16 ties in which they are strong favourites to progress, so there is a very real possibility that the quarter-finals will see Premier League dominance.
Spain on the wane
Remarkably, Barcelona and Real Madrid have won nine of the 18 Champions Leagues this century, and they are the Primera Division's representatives in the last 16, along with Sevilla.
Spain is offered at 10/3 (4.33) to provide another European champion, although all three teams have tough looking ties coming up, most notably Real facing off against Paris Saint-Germain.
There is a chance that none of the three progress to the quarter finals, but should all three qualify, Spain would arguably become the favourite once more as that would mean Barca ousted Chelsea and Sevilla dumped out Liverpool.
Best of the rest
Germany and France each have one team in left in the competition, with Bayern Munich and PSG flying the flag for the Bundelisga and Ligue 1, respectively.
Italy, meanwhile, has Juventus and Roma in the last 16 but is still an outsider at 11/1 (12.00), with Portugal offered at 100/1 (101.00) and any other nation (Turkey, Switzerland and Ukraine) priced at 66/1 (67.00).
Odds correct at the time of writing. Please gamble responsibly.