Maurizio Sarri's men overcame Malmo 5-1 on aggregate to reach the last 16 and Thursday's draw saw the Blues handed a tie with Dynamo Kiev. As a result, bet365 have shortened the favourites from 4/1 (5.0) to just 7/2 (4.50) in their latest Europa League odds.
The 60-year-old Italian is under pressure to save his job at Stamford Bridge regardless of the Blues' European progress.
Sunday's Carabao Cup final against Manchester City and their midweek Premier League clash with Tottenham could prove decisive in deciding Sarri's future, but they remain the team to beat as far as the bookmakers are concerned.
Unai Emery's knowledge of this competition should service his team well. The former Sevilla boss has a hat-trick of titles on this stage from his time in Spain and much like Chelsea, this competition offers a realistic route back to Europe's top table should a top four place prove out of reach domestically.
Inter's defensive strength was on show once more as they overwhelmed Rapid Wien 5-0 across two legs in the previous round and now Luciano Spalletti's side will take on Eintracht Frankfurt for a spot in the quarter-finals. bet365 make them 10/1 (11.0) chances in the outright winner market, the same as their pre-draw price.
The German side were in free-scoring form themselves, hitting four second leg goals to emerge 6-3 aggregate winners against Shakhtar Donetsk. It's now 20/1 (from 16/1) that they go all the way this season.
The last-16 ties will begin on March 7 with the reverse fixtures played a week later.
Europa League last-16 in full
Chelsea vs Dynamo Kiev
Eintracht Frankfurt vs Inter
Napoli vs Red Bull Salzburg
Valencia vs Krasnodar
Sevilla vs Slavia Prague
Arsenal vs Rennes
Zenit vs Villarreal