The draw is taking place at Uefa’s headquarters in Nyon, Switzerland, with the ‘ceremony’ scheduled to start at 11:00 GMT.
The 16 teams will be put into two pots one for the seeded teams, who are the eight group winners, and one for the unseeded teams, who are the eight runners up.
Teams from the same national association cannot be drawn against each other at this stage.
That means the four Premier League clubs cannot meet, while teams cannot face opponents they faced during the group stage, either.
Who could Liverpool face? PSG, Inter Milan, Sporting Lisbon, Benfica, Villarreal or Atalanta, 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 or Atalanta, Benfica
Who could Chelsea draw? Ajax, Real Madrid, Bayern Munich, Lille