Manchester City are the most likely winners in this season's Champions League according to the bookmakers and a Premier League side are the market principles in the Europa League too.
Chelsea were drawn against Malmo in the round of 32 and the Blues remain 4/1 (5.0) favourites in bet365's latest outright winner book.
Maurizio Sarri's men won this competition in 2012 and while they are looking good for a top four finish domestically, winning this trophy is another viable route back to Europe's top table as Manchester United found out two seasons ago.
Arsenal come next at 6/1 (7.0) although that price has drifted slightly after the Gunners were paired with BATE Borisov in the next round. Unai Emery has plenty of experience having lifted this trophy for three straight seasons at Sevilla between 2014 and 2016 and his new side have had few problems thus far.
Napoli (7/1) and Inter (8/1) dropped into Europe's second tier club competition courtesy of third place finishes in their respective Champions League groups. The pair certainly look set to be in the running for silverware too having drawn FC Zurich and Rapid Wien respectively.
It's 14/1 (15.0) that Sevilla make another successful tilt at this trophy after they were handed a tricky looking tie with Lazio (25/1).
Valencia were one of the big movers and have been cut to 16/1 (17.0) following the draw in Nyon. The La Liga outfit may not be impressing domestically this term, but neither are their last 32 opponents Celtic (66/1). The bookmakers clearly believe Brendan Rodgers' men will have their work to cut out against Los Che and have adjusted their prices accordingly.
Red Bull Salzburg made it to the semi-finals of this competition last term and are 25/1 (26.0) to go all the way this time around, the same quote is available on Villarreal.
Eintracht Frankfurt were one of the more impressive teams in the group stage, racking up maximum points and scoring 17 times in the process. The German side are 20/1 (21.0) to win the competition though, having drawn Shakhtar Donetsk in the next round.
The Ukranians - who are 40/1 (41.0) outright - are underdogs in that tie but it's far from an ideal draw for a team that were so dominant and compared to some of the other teams they could have been paired with.
Uefa Europa League Last 32 draw in full
Viktoria Plzen vs Dinamo Zagreb
Club Brugge vs Red Bull Salzburg
Rapid Wien vs Inter
Slavia Prague vs Genk
Krasnodar vs Bayer Leverkusen
FC Zurich vs Napoli
Malmo vs Chelsea
Shakhtar Donetsk vs Eintracht Frankfurt
Celtic vs Valencia
Rennes vs Real Betis
Olympiacos vs Dynamo Kiev
Lazio vs Sevilla
Fenerbahce vs Zenit
Sporting vs Villarreal
BATE Borisov vs Arsenal
Galatasaray vs Benfica
Check out the latest football odds at bet365