The Reds ended their Champions League group stage with a 1-1 draw against Midtjylland. Jurgen Klopp's men had already secured top spot prior to the game, leading to a much-changed side against the Danish side.
An impressive start to their European campaign saw the Reds finish with 13 points, and will face one of the second-placed teams from the other groups. Liverpool will definitely avoid English sides as Manchester City and Chelsea (at least until the quarter-finals) both finished top in their respective groups, while we all know what happened to Manchester United...
Here's a quick rundown of the possible opponents and their key players:
The Spanish side that broke Liverpool fans' heart in dramatic fashion during last season's encounter, Diego Simeone's men finished as runner-up behind Bayern Munich in Group A.
Atletico Madrid currently sit undefeated at the top of La Liga after 10 games, notching an impressive eight wins in the process. It will also be another opportunity for Anfield to welcome Luis Suarez, who is settling well into his new club.
Could this be a chance for Klopp to plot his revenge?
One to look out for: Luis Suarez
Despite falling 2-0 to Real Madrid in their last group stage encounter, the German side still sealed qualification ahead of Shaktar Donetsk. In a tight group that saw Inter Milan finish bottom, Borussia finished the group stage scoring a whopping 16 goals.
Marco Rose's men will be one of the dark horses in this tournament, but maybe, just maybe, we will witness a repeat of the memorable 1977 European Cup final?
One to look out for: Marcus Thuram
Sérgio Conceição's men qualified to the knockout stages from a relatively comfortable group stage, finishing 10 points above third-placed Olympiakos. There seems to be an affinity between the Reds and Porto in recent years, having drawn the Portuguese side twice in the last three campaigns.
Probably viewed as one of the more favourable draws of the tournament, Liverpool will have a chance to make it a hat-trick of victories over Porto in recent years.
One to look out for: Felipe Anderson
The kings of Europa League, Sevilla's route to the knock-out stages was a comfortable one. They dispatched Krasodar and Rennes — teams you will hardly regard as European giants — with the only defeat in the campaign a 4-0 hammering by Chelsea.
Currently sixth in La Liga, a round of 16 draw against the Spanish side for Liverpool will be seen as a good opportunity to progress in the tournament.
One to look out for: Youssef En-Nesyri
It will be a chance for Lucas Leiva to return to Anfield, who cemented his side's place in the knockout phase finishing behind Borussia Dortmund. The Brazilian Scouser's return will undoubtedly be something to look forward to, having left Anfield after a 10-year stint for the Reds. Another ex-Red, Luis Alberto, will also have the chance to reunite with his former team.
One to look out for: Lucas Leiva
The emphatic 4-0 victory against the Spanish giants immediately springs to mind, as the Reds have a chance to face Ronald Koeman's side in the round of 16. Barcelona came out of Group G comfortably, despite facing serious concerns domestically. They looking nothing like the team of old, and find themselves occupying a worrying 9th spot in La Liga.
Despite their problems, it is a team that still has a certain Lionel Messi, and might not be the kindest draw.
One to look out for: Lionel Messi
The team that knocked Liverpool's arch-rivals Manchester United out of the tournament, last season's semi-finalist will be hoping for a similar run this year. The German team look like a well-drilled side under the watchful eye of Julian Nagelsmann, the young manager who is attracting all the right attention in world football.
One of the stronger sides who finished as runner-ups, a trip to the Red Bull Arena might prove to be a tricky one.
One to look out for: Marcel Sabitzer
Which team do you fancy the most? The draw takes place at UEFA headquarters in Nyon, Switzerland, on Monday 14 December.