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.