The draw has now been made and reigning Premier League champions Manchester City have been handed a tricky task when they face Barcelona in the Champions League knockout stages.
Differing fortunes for the English clubs in the Champions League draw with Chelsea and Manchester City facing the daunting prospect of facing PSG and Barcelona in the last sixteen of the competition.
Arsenal can consider themselves lucky to have avoided the big guns in the tournament with a draw against Monaco, their odds falling from 28/1 to 22/1 after being paired with the Ligue 1 side.
Manchester City met Barca at the same stage of the Champions League season, the Catalan giants knocking them out of the competition. City will start this match as firm outsiders, 888sport offering a best price of 11/4 for the home side to win the first leg at home next month. The return of Sergio Aguero could be the key to any City success against Barca, however should it be clear that he will not be ready for the first leg, their odds will continue to drift.
Chelsea are also drifting in the outright winner market, their price falling from 11/2 to 8/1 after drawing PSG yet again, however the Blues are odds-on favourites to knock the Ligue 1 champions out of the competition for the second time in successive seasons.
The Gunners are the only top flight side to see their odds shorten following their relatively favourable draw with Monaco, however they are still the largest priced Premier League side still in the competition.
Reigning champions Real Madrid are joint favourites with 2012/13 winners Bayern Munich after clinching relatively easy draws with Schalke and Donetsk respectively.
All odds were correct at time of posting.