Bayern confident

Bayern Munich, beaten by Chelsea in last season's final, have a nine-point lead in the Bundesliga and were content to have drawn Arsenal who have struggled this season for any consistency.

"We can be satisfied with the draw, but we mustn't underestimate them," said Bayern chairman Karl-Heinz Rummenigge.

"It's important we try to come away from London with a good result, score a goal there and lay down a marker. We can win it, and we start as favourites."

Bayern Munich's players celebrate with Thomas Mueller (2ndL) a goal against FC Augsburg during their German first division Bundesliga soccer match in Augsburg, Dec 8, 2012. [Photo/Agencies]

Chelsea failed to qualify for the last 16 from the group won by Juventus.

Paris Saint-Germain have invested heavily in players over the past 12 months and now lead Ligue 1 on goal difference. Valencia are mid-table in Spain and in some disarray after losing to Rayo Vallecano at home at the weekend.

PSG sports director Leonardo said current form would have little importance in February.

"In the Champions League, it always depends on the moment you play the game, the run of form," he said.

"We are going to have a difficult encounter with Valencia who are an experienced side," he said.

Valencia director Fernando Giner told Canal Plus: "If we have got this far it's because we are among the 16 best teams in Europe but PSG are a tough opponent.

"We have to be satisfied to be here and it's a way of coming together at a difficult moment to achieve the result we all want. During these difficult times the Champions League is tremendously exciting for us."

Manchester United's Wayne Rooney (L) celebrates his first goal against Manchester City with Robin Van Persie during their English Premier League soccer match at The Etihad Stadium in Manchester, northern England, Dec 9, 2012. [Photo/Agencies]

In the other ties, Galatasaray will play Schalke 04, Shakhtar Donetsk take on Dortmund and Porto face Malaga.

Dortmund, Bundesliga champions and winners of a tough group including Real, Ajax and Manchester City, were wary of their Ukrainian opponents.

"They are not necessarily the team we would have wanted," said Dortmund chief executive Hans-Joachim Watzke. "It's a very difficult tie but we showed in the group stage that we can beat strong opponents."

Schalke were happy to draw Turkey's Galatasaray.

"There are no easy opponents at this stage of the competition but to be frank I think we have a good chance of reaching the quarterfinals if we play to our potential," said team captain Benedikt Hoewedes.