Champions League 2019-20: Updated Odds After Round-of-16 Draw

Defending champions Liverpool remain among the favourites for the 2019-20 UEFA Champions League after they drew Atletico Madrid in Monday's last-16 draw. 

Manchester City are the leaders in the betting alongside Liverpool, but they have been pitted against Real Madrid in the first knockout round, which was among the toughest challenges Pep Guardiola's side could have asked for.  

Barcelona, meanwhile, have been drawn against Napoli, Juventus are facing Lyon and Paris Saint-Germain have a tough test against Borussia Dortmund. 

Here is the draw in full:

Borussia Dortmund vs. Paris Saint-Germain

Real Madrid vs. Manchester City

Atalanta vs. Valencia

Atletico Madrid vs. Liverpool

Chelsea vs. Bayern Munich

Lyon vs. Juventus

Tottenham Hotspur vs. RB Leipzig

Napoli vs. Barcelona

Tournament Odds (via Caesars)

Man City +350

Liverpool +350

Barcelona +500

PSG +600

Bayern Munich +700

Juventus +800

Real Madrid +1500

Spurs +1800

Atletico Madrid +3000

RB Leipzig +3500

Chelsea +4000

Borussia Dortmund +5000

Atalanta +7500 

Valencia +7500

Napoli +7500

Lyon +20000

Liverpool's 2019-20 domestic campaign has been remarkable. They are top of the Premier League by 10 points and look well set to secure a first English league title in 30 years after winning 16 of their opening 17 games of the season:

In the Champions League, Jurgen Klopp's side advanced as Group E winners, but it was not plain sailing as they earned just one point from two matches against Napoli.

Atleti are unlikely to make things easy for Liverpool. Diego Simeone's sides know how to win in knockout football, and they have the defensive solidity to frustrate even the Reds' superlative trio of Sadio Mane, Mohamed Salah and Roberto Firmino.

Liverpool's form in the Premier League has left City effectively playing for second place domestically this term, and their main focus will surely be on the Champions League.

It is a trophy Guardiola has won twice as a manager, but the last time was in 2010-11 with Barcelona.

As City boss, he has only ever made it as far as the quarter-finals, and a last-16 exit is now a genuine possibility given Zinedine Zidane's remarkable record in the Champions League:

The Frenchman led Real to three consecutive triumphs in Europe's premier competition in his first spell in charge of the club, and Los Blancos have recently looked like they are approaching their best form. 

Thomas Tuchel was unable to break PSG's dreadful run in the Champions League last season. 

They were knocked out for a third consecutive time at the last-16 stage in 2018-19, losing to Manchester United after a humiliating reverse at the Parc des Princes.

Now the 46-year-old will have to return to his former club in the hope of finally engineering a decent run in the knockout stages after a fine group campaign.

Dortmund have only met PSG previously in European competition in the 2010-11 UEFA Europa League, when both their group games ended in draws.