Manchester United will face Jose Mourinho's Real Madrid in a mouth-watering Champions League last-16 showdown, while Celtic take on Italian champions Juventus and Arsenal will play last season's runners-up Bayern Munich.
United's clash with Real - which will see Cristiano Ronaldo face his former team - was the pick of the ties, and Sir Alex Ferguson's men have the advantage of playing away first.
Ronaldo scored 118 goals in 292 appearances for United, but it was another Ronaldo - the Brazilian striker - who took the honours when the clubs last faced each other in 2003.
He scored a hat-trick at Old Trafford as Real went through 6-5 on aggregate.
Cristiano Ronaldo's last match for United was in the Champions League final defeat by Barcelona, after which he moved to Madrid for a world record £80m transfer.
Arsenal and Celtic, who were group runners-up, will both play their second legs away.
Barcelona, the bookies' favourites, will take on seven-time winners AC Milan and Borussia Dortmund, who some pundits are tipping to win the competition this season, will face the improving Ukrainians Shakhtar Donetsk.
Turkish champions Galatasaray will face Schalke, Valencia face Zlatan Ibrahimovic's PSG and Porto take on unfancied Malaga.
First legs to be played February 12/13 and 19/20; Second legs to be played March 5/6 and 12/13.
1053: Conspiracy theorists will love this - all eight ties are exactly the same as yesterday's rehearsal. What are the chances of that? Arsenal and Celtic have been handed rock-solid draws, but obviously the one which stands out is Real Madrid v Manchester United. Ronaldo back at Old Trafford. Fergie v Mourinho. Merry Christmas.
Porto v Malaga
Valencia v PSG
Real Madrid v MANCHESTER UNITED
AC Milan v Barcelona
Shakhtar Donetsk v Borussia Dortmund
ARSENAL v Bayern Munich
CELTIC v Juventus
Galatasary v Schalke
1044: Macca's ready to get his hands dirty. Here we go...
1038: Two-time Champions League winner Steve McManaman, the first English player to win the competition with a non-English club, will be helping to draw the balls. In yesterday's rehearsal, Manchester United were paired with Real Madrid, Arsenal got Bayern Munich and Celtic were pulled out with Juventus. That would be a nightmare draw for the British trio.
1030: Good morning and welcome to our live coverage of the Champions League draw for the round of 16, featuring Manchester United, Arsenal and Celtic.
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what do you think?
Better luck next year Man United
Two 9/4 fav's today, Noble Silk. and Guest Of Honour 6.00 Kempton.
treble. Man United, Noble Silk, and Guest Of Hunour.