Former England midfielder, Joe Cole, has said Chelsea and Liverpool are both capable of winning the Champions League this season.
Liverpool, which won the competition in 2019, face Real Madrid in the quarter-finals, while Chelsea has been drawn against FC Porto.
“Everyone would have wanted Porto,” Cole told BT Sport after the draw was made.
“They beat a really poor Juventus side on the night.
“Porto were okay, they showed that togetherness. They played very much like [Atletico Madrid manager] Diego Simeone’s teams play actually. Pepe was magnificent for them but he’s 38.
“Chelsea, with the run they’re on and the squad they’ve got, they’ve got to be favourites there. They will be delighted with that draw, that’s for sure.
“Under Tuchel, they look athletic and solid. They look like they’re all together and that’s important too.
“I think they’ve got the second-best squad in the Premier League. They’re in great form so you can’t write them off. I think they’re second or third favourites now.”
On Liverpool’s chances, Cole added: “You can’t write them off either.
“We’re sitting here thinking you’d take Liverpool in the draw but if they get it together, they can beat anyone.
“They will fancy their chances against Real Madrid, who are in disarray. It’s an old Madrid team. For me, they’re not a massive threat.
“Liverpool is a threat, they just need to get it together.”