Liverpool return to the scene of their Champions League triumph when they visit Atletico Madrid's Wanda Metropolitano on Tuesday very much the team to beat for those hoping to succeed Jurgen Klopp's men as European champions.
Liverpool are coasting towards a first Premier League title in 30 years having dropped just two points all season and are likely to be crowned English champions before the Champions League quarterfinals commence in early April.
Liverpool remain on course for a potential five-trophy haul this season. They have already lifted the UEFA Super Cup and Club World Cup and are used to reaching European finals under Klopp.
"I have no clue if we can win the Champions League again but we should be ready to go for it," said Klopp. "What I know and what we showed last year is that we can beat the best."
On current form Atletico are little match for the holders.
For the first time in over eight years in charge, the future of Diego Simeone has been questioned with Los Rojiblancos languishing well off the pace in La Liga and battling just to qualify for next season's Champions League.
By contrast, Liverpool have hit the money with almost every major signing in recent years.
With Alisson Becker, Virgil van Dijk, Fabinho, Sadio Mane and Mohamed Salah they have built a side capable of not just winning, but retaining the Champions League.
Simeone's Atletico sides that came so close to winning the competition in losing two finals to rivals Real in 2014 and 2016 were built on the most miserly defence.
But even the Argentine would be impressed by Liverpool's run of winning their last 11 league games by the combined score of 24-1.
Across the continent, no other side looks as well-balanced and settled heading into the latter stages.
Manchester City's stunning two-season ban from the competition handed down by UEFA on Friday means it could be now or never if the English champions are ever to conquer Europe with Pep Guardiola in charge.
However, City are running into a rejuvenated Real Madrid in the last 16, who have shot to the top of La Liga on a 14-game unbeaten run.
Zinedine Zidane has again revived the Spanish giants in his second spell in charge and is yet to lose a Champions League tie after winning the competition during his previous three seasons in charge.
Paris Saint-Germain also begin their quest to overcome three years of heartbreak at the last 16 stage on Tuesday when they visit Borussia Dortmund.
Barcelona lurch from one institutional crisis to another and have a new coach, Quique Setien, with no previous Champions League experience for a tricky tie against Napoli.
The success or otherwise of Juventus' season will also be judged on winning the Champions League for the first time in 24 years.
A kind last-16 draw against Lyon should give Maurizio Sarri more time to turn the Italian champions into potential conquerors of Europe, but big questions are already being asked of Sarri's suitability for that target as Juve are struggling to hold off Inter Milan and Lazio to preserve their domestic dominance in Italy.
Bayern Munich's grip on the Bundesliga is also being challenged this season, but the German giants will be confident of gaining revenge for losing the 2012 Champions League final on home soil to Chelsea.