Manchester United boss David Moyes refused to be daunted after his side were drawn against defending champions Bayern Munich, the most in-form side in Europe, in the Champions League quarter-finals.
The task facing Moyes' side was made that much harder after United were also drawn to play the second leg in Munich.
Jose Mourinho's Chelsea will face Paris St Germain, but will have the second leg at Stamford Bridge. Real Madrid will face Borussia Dortmund, while there is an all-Spanish meeting between Barcelona and Atletico Madrid.
Moyes admitted that Bayern were the tournament favourites, but insisted: "I was thrilled that we were in that draw and we're in the quarter-finals of the Champions League. When we were 2-0 down to Olympiacos a week or so ago, I don't think a lot of people were putting us through to the quarter-final draw.
"So in a lot of ways it didn't matter who I drew. But I've got to say I've drawn out the favourites and obviously the holders of the cup competition as well so it's a really tough draw for us, but one that I'm looking forward to."
Winning the tournament outright now looks like United's only chance of being part of Europe's elite club competition next season and missing out could cost the club around £50million.
It is understood, though, that United chiefs are confident that rises in commercial income will make up for the financial impact and allow Moyes and the club to attract the top players.
Pep Guardiola's Bayern have been in amazing form this season, unbeaten in the Bundesliga having won every match at home in that competition.
Moyes can take some solace from the fact that the only two clubs who have prevented Bayern from winning at home this season were both English. Manchester City won 3-2 at the Allianz Arena, while Arsenal achieved a 1-1 draw in the last round.
The two clubs were involved in that famous last-gasp victory for United in 1999 Champions League final, but Bayern took the honours last time they met, in the 2010 quarter-finals, when Arjen Robben's volley at Old Trafford made it 4-4 on aggregate to send the German side through on away goals.
Bayern director of sport Matthias Sammer said United's threat should not be under-estimated, even if they are struggling in the Premier League.
"It's a highly attractive draw," he told the club's website. "They showed in the second leg of their last-16 game what they're capable of.
"On a good day, they are deadly. We must ensure they don't have two good days. I'd say the draw's manageable, but dangerous."
Chelsea's draw against PSG will see Mourinho come up against his former striker Zlatan Ibrahimovic, whom he managed at Inter Milan, before the Swede was sold to Barcelona.
Ibrahimovic has spoken of his admiration for Mourinho, saying in his autobiography that he "was basically willing to die for" the Portuguese.
Chelsea chief executive Ron Gourlay said the club would treat PSG "with utmost respect".
He said: "Our form is good, we've got a lot of games between now and the end of the season. We're in a good position in the Premier League so we just need to take it one game at a time, try and win every game and see how everybody else does around us.
"We will treat Paris St Germain with the utmost respect and hopefully we can go there, put on a show for our fans and bring it back to Stamford Bridge."
The all-Spanish tie between Barcelona and Atletico should be a cracker - both sides are locked together in La Liga, with the Madrid side a point ahead in second place. The teams have already played out three draws this season and will face each other in the last league match of the campaign at the Nou Camp.
Real Madrid have the chance for revenge over Dortmund, who humbled them 4-1 in the first leg of their semi-final last season en route to a 4-3 aggregate victory.
Dortmund, however, have a number of significant injuries, while striker Robert Lewandowski is suspended for the first leg, making the Spanish league leaders clear favourites to progress.
Champions League quarter-final draw:
Barcelona v Atletico Madrid
Real Madrid v Borussia Dortmund
Paris St Germain v Chelsea
Manchester United v Bayern Munich
First-leg ties to be played on April 1 and 2, with the second legs being played on April 8 and 9.
Matches to be played April 1:
Barcelona v Atletico Madrid, Manchester United v Bayern Munich
Matches to be played April 2:
Real Madrid v Borussia Dortmund, Paris Saint-Germain v Chelsea
Matches to be played April 8:
Borussia Dortmund v Real Madrid, Chelsea v Paris Saint-Germain
Matches to be played April 9:
Atletico Madrid v Barcelona, Bayern Munich v Manchester United
Italian champions Juventus will face Lyon in the quarter-finals of the Europa League as they bid to keep alive the dream of playing in the final at their home stadium.
Juve, who appear well on course to defend their Serie A title, are targeting a European and domestic double after seeing off Fiorentina in the last 16, and will make the relatively short trip across the French border for the first leg on April 3, returning to Turin a week later.
Juve's domestic dominance makes them the clear favourites in Europe's secondary competition, and the knowledge that the final will be played at their Juventus Stadium has given them added motivation from the start.
Last year's beaten finalists Benfica, top of the Portuguese Liga, have been partnered with AZ Alkmaar, whose performances to date in the Europa League have provided some relief from a difficult campaign which has left them down in seventh in the Dutch Eredivisie.
Basle, who reached last year's semi-finals, must beat Spanish side Valencia in order to repeat what was their best-ever run in European competition, while the final tie is an intriguing match-up between Porto and Sevilla.
Europa League quarter-final draw:
AZ Alkmaar v Benfica
Lyon v Juventus
Basel v Valencia
Porto v Sevilla
The first legs will be played on April 3 with the second legs on April 10.
LATEST CHAMPIONS LEAGUE ODDS WITH CORAL
Bayern Munich
15/8
Barcelona
7/2
Real Madrid
4/1
Chelsea
10/1
PSG
10/1
Atletico Madrid
12/1
Borussia Dortmund
14/1
Man Utd
20/1
WHERE: UEFA headquarters in Nyon, Switzerland.
WHEN: 11am (UK time) on Friday, March 21.
HOW IT WORKS: The quarter-final pairings are determined by an open draw in which no teams are seeded and clubs from the same national association can be drawn against each other. The side drawn first will play the first leg at home.
WHEN TIES TAKE PLACE: The first legs will be played on 1 and 2 April, and the second legs will be played on 8 and 9 April.
Atletico Madrid
MEET THE BOSS: Diego Simeone
He's come a long way since getting David Beckham sent off, taking his side out of the shadow of Real Madrid by winning the Europa League, the European Super Cup, the Copa del Rey and contenders for La Liga.
STAR MAN: Diego Costa
Rapidly becoming the most coveted striker in Europe after more than filling the breach left by Falcao's departure.
UNSUNG HERO: Diego Godin
Helped get Villarreal to the Champions League before becoming a mainstay in Atletico's defence. England will need to get past the Uruguayan this summer.
STORY OF THE SEASON
One of remarkable success in which Atletico can still break the La Liga title stranglehold held by Real Madrid and Barcelona and could even win the Champions League for the first time
EUROPEAN PEDIGREE
Europa League: Winners (2) 2010, 2012. Cup Winners' Cup: Winners (1) 1962.
DANGER RATING: 3/5
STATS AMAZING: 21 - midfielder Gabi is joint top of the charts when it comes to fouls committed by any player still left in the competition.
Barcelona
MEET THE BOSS: Gerardo 'Tata' Martino
To many the former Paraguay boss was a surprise appointment at the Nou Camp in the summer but he still loves his teams to attack and press high up the pitch and doesn't mind a bit of 'tiki-taka' either.
STAR MAN: Lionel Messi
Cristiano Ronaldo may have stolen his thunder but the diminutive Argentine is getting back to his best after niggling injuries.
UNSUNG HERO: Sergio Busquets
While Xavi gets the passing plaudits, Busquets keeps the ball and wins it back as well as anybody.
STORY OF THE SEASON
Rocky by their own exacting standard with Martino trying to put his own stamp on things. But they remain well and truly in the hunt for honours both domestically and in Europe.
EUROPEAN PEDIGREE
European Cup/Champions League. Winners (4): 1992, 2006, 2009, 2011. Cup Winners' Cup. Winners (4): 1979, 1982, 1989, 1997. Fairs Cup. Winners (3): 1958, 1960, 1966.
DANGER RATING: 4/5.
STATS AMAZING: 818 - Xavi has completed the most passes in this season's competition with a 92 per cent completion rate.
Bayern Munich
MEET THE BOSS: Pep Guardiola
The former Barcelona coach has taken to the Bundesliga like a duck to water marrying Latin flair with Teutonic tenacity to enhance their reputation as the best side in Europe.
STAR MAN: Arjen Robben
A new lease of life at Bayern after being cast aside by Real Madrid. Still likes to take a tumble but the trickery, goal threat and delivery are unblemished. Man of the match in last season's final.
UNSUNG HERO: Manuel Neuer
They don't need him that often but when called upon Bayern have the best keeper in Europe between the sticks.
STORY OF THE SEASON
One of complete domination in the Bundesliga in which they hold a 23 point advantage over Borussia Dortmund. The defeat to Manchester City is their only loss in the Champions League so far.
EUROPEAN PEDIGREE
European Cup/Champions League. Winners (5): 1974, 1975, 1976, 2001, 2013. UEFA Cup/Europa League. Winners (1): 1996. Cup Winners' Cup. Winners (1): 1967.
DANGER RATING: 5/5.
STATS AMAZING 73 per cent - In their 2-0 win over Arsenal at The Emirates, Bayern registered the best possession stats of the competition so far.
Chelsea
MEET THE BOSS: Jose Mourinho.
'The Special One' has unfinished business at Stamford Bridge having not lifted the Champions League with his beloved Chelsea – not that he'll admit they have a chance.
STAR MAN: Eden Hazard.
Under Mourinho Chelsea fans are starting to see the best of the Belgium international. Mourinho rates him as the best young player in Europe and it is hard to argue.
UNSUNG HERO: Gary Cahill.
John Terry is revitalised under Mourinho but Cahill's performances at the back have been just as important to Chelsea this season.
STORY OF THE SEASON.
The little horse is picking up speed but still prone to the occasional loss of footing. They may not be the finished article but they are still contenders for the double.
EUROPEAN PEDIGREE: European Cup/Champions League. Winners (1): 2012. UEFA Cup/Europa League. Winners (1): 2013. Cup Winners' Cup. Winners (2): 1971, 1998.
DANGER RATING: 3/5.
STATS AMAZING: 4 - Oscar has assisted twice as many goals in the Champions League this season as he has in the Premier League.
Borussia Dortmund
MEET THE BOSS: Jurgen Klopp.
Touted by many as the man who should have got the Manchester United job instead of David Moyes, Klopp may have been overshadowed by Guardiola this season but last season's beaten finalist are in the hat once more and remain Bayern's nearest challengers.
STAR MAN: Robert Lewandowski.
The Poland striker has carried his team in a disappointing campaign and will be sorely missed in the quarter-final first leg after picking up a yellow card against Zenit. He will be even more sorely missed when he moves to Bayern this summer.
UNSUNG HERO: Kevin Grosskreutz.
A lifelong Dortmund supporter, Grosskreutz ability to fill a variety of roles in midfield and defence has been a vital asset in a difficult season.
STORY OF THE SEASON
Injuries to key players means Dortmund have failed to hit the heights of the previous campaign while the departure of Mario Gotze to Bayern has not helped either. But they are starting to find some form and could yet spring a surprise on Europe.
EUROPEAN PEDIGREE: Champions League. Winners (1): 1997. Cup Winners' Cup. Winners (1): 1966.
DANGER RATING 2/5.
STATS AMAZING: 96507m - Nuri Sahin has covered more ground than any other player in the Champions League this season.
Manchester United
MEET THE BOSS: David Moyes.
Replacing Sir Alex Ferguson was always going to be tough, but this tough? The jury is well and truly out on Moyes but Europe could be his salvation. Was Robin van Persie's hat-trick against Olympiacos his Mark Robins moment?
STAR MAN: Wayne Rooney.
Goodness only knows where Manchester United would be if they had not had Rooney to rely on this season. With Van Persie blowing more cold than hot, Rooney is a shining light in a squad that needs a major overhaul.
UNSUNG HERO: David de Gea
There is still the odd gaffe but his double save against Olympiacos showed just what a good keeper De Gea is on his day.
STORY OF THE SEASON
Disastrous domestically but in Europe there remains hope, albeit slim, of redemption in the Champions League. It remains to be seen whether Moyes will be trusted to revamp the playing staff in the summer and further progress in Europe is a must. They have to win it to be in it.
EUROPEAN PEDIGREE
European Cup/Champions League. Winners (3): 1968, 1999, 2008. Cup Winners' Cup. Winners (1): 1991.
DANGER RATING: 2/5.
STATS AMAZING: Seven - Wayne Rooney is topping the assist charts in the Champions League this season.
Paris Saint Germain
MEET THE BOSS: Laurent Blanc.
Stepping into the breach after Carlo Ancelotti, Blanc is well on course to steering oil-rich PSG to the defence of their league crown. He has matched his predecessor's performance in Europe and are many a pundits outside bet to progress much further.
STAR MAN: Zlatan Ibrahimovic.
Never short on confidence, Ibrahimovic has the talent to win matches on his own. No defence will fancy coming up against this scorer of outrageous goals.
UNSUNG HERO: Blaise Matuidi.
They know a thing about water carriers in France and Matuidi is following in the footsteps of the likes of Didier Deschamps and Claude Makelele.
STORY OF THE SEASON
PSG are certain to retain their league crown and no one will fancy pulling them out of the hat in Europe. They made it out of a hard fought group as winners before dismantling Bayer Leverkusen 6-1 on aggregate.
EUROPEAN PEDIGREE
Cup Winners' Cup. Winners (1): 1996.
DANGER RATING 3/5.
STATS AMAZING: Five - Watch them in the air, PSG have scored more headers than any other side in this season's Champions League.
Real Madrid
MEET THE BOSS: Carlo Ancelotti. Won it as a player and coach, Champions League pedigree through and through and the manager Real president Florentino Perez chased after for years.
STAR MAN: Cristiano Ronaldo.
The greatest player on the planet just keeps on getting better and better. In the Champions League categories that count, he tops the charts this season.
UNSUNG HERO: Luka Modric.
OK, so we all know him but the former Spurs star makes Real tick from the centre of the park. Earned the right to be mentioned in the same breath as the star names.
STORY OF THE SEASON
It's starting to look like Real have timed their run to perfection after hitting the top of La Liga just at the right time while this season is surely their best chance of winning their 10th European Cup for many a year – an all-consuming task for fans, players and press alike.
EUROPEAN PEDIGREE
European Cup/Champions League. Winners (9): 1956, 1957, 1958, 1959, 1960, 1966, 1998, 2000, 2002. UEFA Cup. Winners (2): 1985, 1986.
DANGER RATING: 4/5.
STATS AMAZING: 3.63. Real Madrid have easily the best goals to games ratio in this season's Champions League with 29 from eight games.