The draw is taking place at Uefa's headquarters in Nyon, Switzerland, with the 'ceremony' scheduled to start at 11:00 GMT.
Who could Liverpool face? PSG, Inter Milan, Sporting Lisbon, Benfica, Villarreal, Red Bull Salzburg
Who could Manchester United meet? Atletico Madrid, PSG, Inter Milan, Sporting Lisbon, Benfica, Red Bull Salzburg
Who could Manchester City play? Atletico Madrid, Inter Milan, Sporting Lisbon, Red Bull Salzburg, Villarreal, Benfica
Who could Chelsea draw? Ajax, Real Madrid, Bayern Munich, Lille
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When will the last-16 ties be played?
Ties will take place over two legs. The first legs will be spread out on 15, 16, 22 and 23 February, with the second legs on 8, 9, 15 and 16 March.
Seeded teams will be away for the first leg before being at home for the return matches. All kick-offs are at 20:00 GMT.
The draw for the quarter-finals is on 18 March.
What changes are there this season?
The away goals rule has been removed, so ties level after 180 minutes will go to extra time.
If the teams still cannot be separated after the additional 30 minutes then it goes to a penalty shoot-out.
When is the final and where?
St Petersburg, Russia, will stage the 2022 Champions League final, with the game scheduled for 28 May 2022.
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Perfect draw ?
Liverpool vs Sporting or Villareal
United vs PSG
City vs Atletico or Inter
Chelsea vs Bayern Munich
Who could Liverpool face? PSG, Inter Milan, Sporting Lisbon, Benfica, Villarreal, Red Bull Salzburg
Who could Manchester United meet? Atletico Madrid, PSG, Inter Milan, Sporting Lisbon, Benfica, Red Bull Salzburg
Who could Manchester City play? Atletico Madrid, Inter Milan, Sporting Lisbon, Red Bull Salzburg, Villarreal, Benfica
Who could Chelsea draw? Ajax, Real Madrid, Bayern Munich, Lille
--------
When will the last-16 ties be played?
Ties will take place over two legs. The first legs will be spread out on 15, 16, 22 and 23 February, with the second legs on 8, 9, 15 and 16 March.
Seeded teams will be away for the first leg before being at home for the return matches. All kick-offs are at 20:00 GMT.
The draw for the quarter-finals is on 18 March.
What changes are there this season?
The away goals rule has been removed, so ties level after 180 minutes will go to extra time.
If the teams still cannot be separated after the additional 30 minutes then it goes to a penalty shoot-out.
When is the final and where?
St Petersburg, Russia, will stage the 2022 Champions League final, with the game scheduled for 28 May 2022.
----------
Perfect draw ?
Liverpool vs Sporting or Villareal
United vs PSG
City vs Atletico or Inter
Chelsea vs Bayern Munich