Laurent Blanc must be pinching himself.
Jose Mourinho said it only last week when his team defeated Porto to top Group G: Everyone wants to face them right now.
For PSG, the last-16 draw means a third season running when they have been paired with the Premier League champions, and the two clubs have been evenly matched in that time. Indeed, the past four meetings between PSG and Chelsea have seen both sides win once, with the other two ending in draws.
When we look at goals scored over those games, there's still no separating them. Chelsea and PSG have each scored five times against each other.
It'll be 12 months on from when they last faced each other in Europe last term, but the gulf in class in the present is clear to see. Chelsea have regressed significantly since they were knocked out in the last 16 of the Champions League by PSG in March.
The deficiencies that Blanc's side showed in Chelsea's team haven't been addressed, and the Blues have suffered a spectacular fall from grace.
They sit just one point above the Premier League relegation zone, and by the time they make the trip to Paris in February for the the first leg of this tie, Mourinho may well have departed as manager.
All the while, PSG are running away with Ligue 1 and with the likes of Angel Di Maria now among their number, will have every reason for feeling confident against Chelsea.
Join us as we assess the threat Chelsea will pose to PSG's Champions League hopes.
Despite Chelsea's struggles this term, their form in Europe has been more like the team we know.
Group G was relatively uncomplicated in comparison to some, but given what we have seen from Chelsea in the Premier League, they made light work of it (even if things did come down to the final match to seal their fate as group winners).
Leaking goals at home in the Premier League, Chelsea conceded just three times in six matches against Porto, Dynamo Kiev and Maccabi Tel-Aviv. Two of those goals came in their away defeat to Porto, as Mourinho's men kept four clean sheets en route to finishing top.
Save for that shaky display in the Estadio do Dragao, Chelsea have been the dominant team in every game they have played in the Champions League this season.
Had it not been for some bad luck in front of goal away to Kiev, they would have taken all three points instead of a draw, while the 2-1 scoreline in the reverse fixture at Stamford Bridge didn't do them justice.
Thrashing Tel-Aviv 4-0 in both games against the Israelis was about par for what we would expect.
The point is, Chelsea have looked a stronger side in Europe than they have domestically. They haven't been perfect, but Porto and Dynamo Kiev did ask questions at times, and they came through it.
Now we're into the knockout rounds, the Champions League becomes cup football. And for teams struggling like Chelsea have all season, that can sometimes work in their favour.
They're playing for results, not points, and the entire perspective changes. It is game-by-game, and the pressure of climbing the table disappears. It's for this reason that underdogs are no strangers to pulling off cup shocks.
Chelsea's disappointing season has been best showcased by the dismal form of Eden Hazard. Without the Belgian on top form, Chelsea have lacked any cutting edge, and the goals have dried up.
In terms of an attacking threat, Chelsea look a spent force.
Two seasons ago, Hazard was identified as the main threat in this Chelsea team, and PSG targeted him. The same happened last term, when Hazard came in for some rough treatment in midfield.
PSG will no doubt target him again, but the sad truth is that Hazard's threat is nothing like we should expect.
In fact, we can talk about Chelsea's better form on the continent, but Hazard's blown hot-and-cold regardless of the competition he has played.
He hasn't scored a goal in any competition for Chelsea since May and, despite some encouraging performances at times, doesn't look like he'll be recovering anytime soon.
The worry is that Hazard no longer looks committed to the Chelsea cause. Against Leicester City this week, he was too quick to write himself out of the game with a hip injury after 30 minutes.
When he came off, Chelsea looked a better team going forward. His replacement, Pedro, also earned the assist for Loic Remy's consolation goal, providing the sort of cross from out wide that isn't in Hazard's repertoire.
Lack of pace
Where PSG can really get at Chelsea is by exploiting the lack of pace in this team.
It's no secret—almost every club in the Premier League has done it at some point this season. It started with Jefferson Montero on the opening day of the season for Swansea City; Riyad Mahrez and Jamie Vardy continued it for Leicester on Monday.
Get at this Chelsea team with runners, and they struggle to cope. Through the middle or out wide, it doesn't matter.
PSG have the personnel to do that as well. Angel Di Maria, Ezequiel Lavezzi, Javier Pastore, Lucas Moura—the list of players in midfield and attack who can exploit Chelsea is as impressive as it is devastating.
Chelsea have looked laboured this term and fear players with the sort of qualities of those just named. Throw the talents of Zlatan Ibrahimovic and Edinson Cavani into the mix, and you get the point.
Players with pace and skill pull defenders out of position, and when that happens, Chelsea collapse.
The case (or lack thereof) for the strikers
With a defence marshaled by Thiago Silva, PSG have a fearsome back line. To test that, opponents need physical strikers willing to break the hard yards and ask questions.
Right now, Chelsea don't have one.
Diego Costa's form this calendar year—let alone this season—has been disastrous, while getting in among them isn't Loic Remy's style at all.
It's probably best we don't mention Radamel Falcao.
That goal threat isn't there from Chelsea's strikers, which only amplifies the struggles of Hazard even more.
Chelsea's most potent threat in front of goal in the Champions League has been Willian, who has scored five times already this term. Four of those goals have been free-kicks, though, which outlines Chelsea's problems when it comes to scoring from open play.
Whichever way you look at it, PSG must be seen as the overwhelming favourites in this tie. It will take a monumental effort from Chelsea between now and February to change that.