Manchester City are the new favourites to win the Champions League after Paris Saint-Germain were drawn with Real Madrid.
City landed an ideal draw - against Swiss side Basel - but there was no doubting the most mouthwatering tie with the pre-draw favourites PSG matched with holders Real.
Sky Bet subsequently cut City to 10/3 favourites (a Price Boost from 11/4) to lift the trophy in May.
With big liabilities having mounted up, it was also no surprise to see their Treble price (Champions League, Premier League and FA Cup) cut from 28/1 to 18/1, while their Quadruple price (which also includes the Carabao Cup) was slashed from 125/1 to 66/1.
PSG are now third favourites at 5/1 with Real Madrid pushed out to 8/1 fifth favourites.
Bayern Munich, who drew Beskitas, are the new second favourites having been chopped into 9/2.
Of the five English sides in the draw, Chelsea landed the plum - and most difficult - tie. They will face Barcelona and will be at home in the first leg.
Barca are fourth favourites in the revamped market at 15/2, while Chelsea are now regarded as the least-likely English winners at 28/1.
"Our reaction must be positive," Conte said when asked about the draw.
"When you are in this stage you must be ready to face every team. In this case we must be ready to face Barcelona.
"When you play against Barcelona you must put 120 per cent at home and away if you want to hope to go to the next round."
As for the other English teams, Tottenham face a tough task against last season's beaten finalists Juventus, but, like City, Manchester United and Liverpool will likely be happy with their opponents.
Jose Mourinho's United must tackle Spanish side Sevilla, while Liverpool will head to Portugal to take on Porto.
United are 14/1 shots, Liverpool 16/1 and Spurs 25/1.
City, United and Liverpool are all odds-on to qualify for the quarter-finals. Spurs are even money (v 8/11 Juve) and Chelsea are out at 2/1 to defeat Barca over two legs.
The acca regarding all five English sides reaching the last eight pays just over 13/1.
Sky Bet make one of the Premier League teams to win the competition a 5/4 chance, while it's 11/2 that the final is between two English clubs.
The first legs will take place on February 13-14 & 20-21; the second legs are slated for March 6-7 & 13-14. Exact dates for each fixture are shown below.
Juventus v Tottenham (Feb 13 & Mar 7)
Basel v Manchester City (Feb 13 & Mar 7)
Porto v Liverpool (Feb 14 & Mar 6)
Sevilla v Manchester United (Feb 21 & Mar 13)
Real Madrid v Paris Saint-Germain (Feb 14 & Mar 6)
Shakhtar Donetsk v Roma (Feb 21 & Mar 13)
Chelsea v Barcelona (Feb 20 & Mar 14)
Bayern Munich v Besiktas (Feb 20 & Mar 14)
All games kick-off at 1945 GMT, expect Besiktas v Bayern which will start at 1700 GMT.
BARCELONA
Coach: Ernesto Valverde
Star man: Lionel Messi
Sky Bet odds: 7/1 (from 13/2)
Champions League/European Cup best: Winners 1992, 2006, 2009, 2011, 2015
The LaLiga leaders have shrugged off the loss of Neymar this season and came through Group D unbeaten to top the group above Juventus.
BASEL
Coach: Raphael Wicky
Star man: Dmitri Oberlin
Sky Bet odds: 500/1 (from 250/1)
Champions League/European Cup best: Quarter-finals 1974
Basel impressed as they finished runners-up to Manchester United in Group A, beating Jose Mourinho's side at home and putting five past Benfica. In Oberlin, the 20-year-old striker on loan from Red Bull Salzburg, they have one of the hottest young properties in European football.
BAYERN MUNICH
Coach: Jupp Heynckes
Star man: Robert Lewandowski
Sky Bet odds: 5/1 (from 8/1)
Champions League/European Cup best: Winners 1974, 1975, 1976, 2001, 2013
After a slow start to the season Bayern are humming once more under Heynckes, the man who masterminded their last Champions League triumph in 2013. They could only finish runners-up in Group B behind Paris St Germain, but won five of their six group-stage matches.
BESIKTAS
Coach: Senol Gunes
Star man: Cenk Tosun
Sky Bet odds: 200/1 (from 100/1)
Champions League/European Cup best: Quarter-finals 1987
Although they topped a relatively-weak Group G ahead of Porto, the reigning Turkish champions have suffered indifferent form this season and sit fifth in the Super Lig table. Few clubs ever fancy an away trip to Istanbul.
CHELSEA
Coach: Antonio Conte
Star man: Eden Hazard
Sky Bet odds: 25/1 (from 22/1)
Champions League/European Cup best: Winners 2012
With their Premier League title defence faltering, Conte will be tempted to go all in on the Champions League. However, they only finished runners-up in Group C, struggling twice against winners Roma.
JUVENTUS
Coach: Massimiliano Allegri
Star man: Gianluigi Buffon
Sky Bet odds: 20/1 (unchanged)
Champions League/European Cup best: Winners 1985, 1996
With Gianluigi Buffon seeking a fairytale ending to his career after three times suffering defeat in the Champions League final, Juve are once again leaning heavily on their defence. They kept clean sheets in three of their six group-stage matches, including a goalless draw with group winners Barcelona.
LIVERPOOL
Coach: Jurgen Klopp
Star man: Mohamed Salah
Sky Bet odds: 16/1 (from 20/1)
Champions League/European Cup best: Winners 1977, 1978, 1981, 1984, 2005
Liverpool romped to first place in Group E, scoring 23 goals as they ran up the score in big wins over Sevilla and Maribor. With an attacking unit including Salah, Philippe Coutinho, Sadio Mane and Roberto Firmino there is no end of goals in this team, but their defensive vulnerabilities remain and may well be exposed as the standard of competition ramps up.
MANCHESTER CITY
Coach: Pep Guardiola
Star man: Kevin De Bruyne
Sky Bet odds: 10/3 (from 7/2)
Champions League/European Cup best: Semi-finals 2016
Guardiola's team have been widely hailed as the best in Europe after a swashbuckling start to the Premier League season, and they cruised through Group F, winning their first five games before fielding a much-changed side away to Shakhtar Donetsk. But converting plaudits into silverware is the task ahead, and these relative Champions League novices still have plenty to prove.
MANCHESTER UNITED
Coach: Jose Mourinho
Star man: Paul Pogba
Sky Bet odds: 14/1 (unchanged)
Champions League/European Cup best: Winners 1968, 1999, 2008
Mourinho's men topped Group A with a mixture of silk and steel as they averaged two goals a game but conceded only three in all six outings. Key summer signing Nemanja Matic has added the missing teeth to United's midfield to go with the goal threat of Romelu Lukaku and the fit-again Zlatan Ibrahimovic, and few teams will fancy taking them on.
PARIS SAINT-GERMAIN
Coach: Unai Emery
Star man: Neymar
Sky Bet odds: 5/1 (from 7/2)
Champions League/European Cup best: Semi-finals 1995
PSG have made little secret of the fact the Champions League is their number one priority, and with Ligue 1 appearing to take care of itself - they top the table by nine points - they will go all in. World-record signing Neymar has elevated their game considerably, but Edinson Cavani is keeping up in the scoring rates and they look extremely dangerous.
PORTO
Coach: Sergio Conceicao
Star man: Vincent Aboubakar
Sky Bet odds: 100/1 (unchanged)
Champions League/European Cup best: Winners 1987, 2004
Runners-up in a weak Group G, they conceded almost two goals a game, and though striker Aboubakar has been in good form, they do not appear to have the weapons to go much further.
REAL MADRID
Coach: Zinedine Zidane
Star man: Cristiano Ronaldo
Sky Bet odds: 7/1 (from 4/1)
Champions League/European Cup best: Winners 1956, 1957, 1958, 1959, 1960, 1966, 1998, 2000, 2002, 2014, 2016, 2017
The back-to-back winners made a slow start to the season - made clear by the fact they remain fourth in LaLiga - but found their mojo in the Champions League, even if they had to settle for runners-up spot behind Tottenham in Group H. Ballon d'Or winner Ronaldo scored nine goals in the six group matches and they remain as dangerous as they come.
ROMA
Coach: Eusebio Di Francesco
Star man: Edin Dzeko
Sky Bet odds: 50/1 (from 66/1)
Champions League/European Cup best: Runners-up 1984
With Edin Dzeko in the form of his life - the 31-year-old earned a Ballon d'Or nomination this year - Roma managed to edge out Chelsea to top Group C. They are far from the full package, but as Chelsea will attest from their 3-0 hiding in the Italian capital, they should not be underestimated.
SEVILLA
Coach: Eduardo Berizzo
Star man: Wissam Ben Yedder
Sky Bet odds: 100/1 (unchanged)
Champions League/European Cup best: Quarter-finals 1958
Sevilla won only two of their Group E fixtures but got through on the back of being hard to beat - all except for the complete aberration which was their 5-1 loss to Spartak Moscow in October. That exposed their key weakness - although they can score plenty, they struggle to keep the back door closed, and kept just one clean sheet against lowly Maribor.
SHAKHTAR DONETSK
Coach: Paulo Fonseca
Star man: Bernard
Sky Bet odds: 100/1 (from 200/1)
Champions League/European Cup best: Quarter-finals 2011
Manchester City were always favourites in Group F but Napoli were supposed to follow them through. Shakhtar had other ideas and immediately tore up the script by beating the Italians in their opening match. By the time they wrapped up the group by beating a much-changed City side, Fonseca had to fulfil a promise to turn up to his press conference dressed as Zorro.
TOTTENHAM
Coach: Mauricio Pochettino
Star man: Harry Kane
Sky Bet odds: 25/1 (from 18/1)
Champions League/European Cup best: Semi-finals 1962
They may be struggling to match recent form in the Premier League, but Tottenham are having another coming-of-age season in the Champions League. Their 3-1 win over Real Madrid at Wembley felt like a huge moment, and it is a big achievement to top a group boasting both the current holders and Borussia Dortmund. Just how far can they go?