The clock is ticking down for the Champions League last-16 draw as Europe's big hitters find out their fate.

In the hat are the likes of Liverpool, Real Madrid and Celtic's conquerors Bayern Munich with a number of potentially tasty fixtures on offer. Among them includes a potential Madrid derby with Diego Simeone and Atletico Madrid given a possible chance to finally end their exit hoodoo against their eternal rivals. Premier League hopefuls Arsenal could be reunited with Robin van Persie who has taken the reins at Feyenoord. And Barcelona and PSG could add another blockbuster chapter to their ongoing rivalry.

One side to miss out, however, are Brendan Rodgers' men who were outstanding against Bundesliga giants Bayern in Bavaria. Former Die Roten youngster Nicolas Kuhn gave the Hoops a stunning lead just before the hour mark to send away fans potty. But their hopes were shattered after Alphonso Davies stole in to seal a 1-1 draw and 3-2 aggregate victory. So Celts supporters will join the rest of us watching the ceremony from our sofas.

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And Record Sport has all the info you need for the Champions League last-16 draw.

When and where is the Champions League last 16 draw?

The draw for the last 16 is scheduled to take place on Friday February 21 in Nyon, Switzerland. The draw will start at 11am with some traditional UEFA preamble beforehand.

Which teams are in the Champions League draw?

The teams who finished in the top eight of the competition's new league phase table automatically qualified for the last 16. They are Liverpool, Barcelona, Arsenal, Inter Milan, Atletico Madrid, Bayer Leverkusen, Lille and Aston Villa. The rest had to negotiate a playoff tie to make it this far.

Seeded teams

• Liverpool

• Barcelona

• Arsenal

• Inter Milan

• Atletico Madrid

• Bayer Leverkusen

• Lille

• Aston Villa

Unseeded teams

• Bayern Munich

• Benfica

• Club Brugge

• Feyenoord

• Real Madrid

• Borussia Dortmund

• PSG

• PSV

There will also be a draw for the quarter-finals and semi-finals to decide which team will host the first leg.

How does the last 16 draw work?

From the knockout play-offs onwards the tournament is bracketed, meaning winners are matched up with one of two sides placed in pre-defined pairings. These were organised according to final league phase standings.

The top eight clubs are paired based on their positions at the end of the league phase to form four seeded pairs. The draw allocates the side of the bracket for all the seeded teams, starting with the teams ranked 7th and 8th and finishing with the teams 1st and 2nd. So every play-off victor will have a much better idea of who they are facing, with two options instead of up to seven as in previous editions.

How can I watch the Champions League draw?

It will be broadcast live on UEFA.com and TNT Sports will also offer live coverage. For those without a TNT subscription the draw will be live on their official YouTube channel.

Can teams from the same country face each other?

Yes they can. Up until this season, teams from the same countries could not face each other in the first knockout round - previously the last 16. However from this season that rule was removed for all knockout games. For example, French sides Brest and PSG faced each other in the play-off round with the Parisians comfortably progressing.

When are the Champions League last 16 fixtures?

The last 16 ties are played over two legs with the first set of games scheduled for Tuesday March 4 and Wednesday March 5 and the same days the following week - March 11-12.