The Reds already know they will face either Atletico Madrid or Galatasaray in the next round. Atletico secured their place by beating Club Brugge, while Galatasaray needed extra time to knock out Juventus in Turin.
Under the current Champions League format, the draw does more than set up the last-16 ties. It also determines the bracket through to the final, meaning Liverpool will know their possible quarter-final and semi-final opponents by the end of the week.
A Favourable Route on Paper?
If Liverpool are paired with Atletico and come through that tie, they could meet Newcastle United in the quarter-finals - provided Eddie Howe's side overcome either Chelsea FC or FC Barcelona. On paper, that would represent a manageable test compared to some of Europe's heavyweights.
A semi-final against Norwegian outsiders Bodo/Glimt would be viewed by many as the dream scenario, though plenty would have to fall into place for that to happen.
If Liverpool instead draw Galatasaray, a quarter-final with Chelsea could follow, which may be seen as preferable to facing Barcelona or Paris Saint-Germain. There is also the possibility of a semi-final against Sporting CP on that side of the bracket.
A Potential European Gauntlet
The nightmare route is equally clear. Either last-16 tie could lead to Barcelona in the quarter-finals and a semi-final against Arsenal FC.
There is also the prospect of facing PSG in the last eight, followed by one of Bayern Munich, Manchester City or even Real Madrid in the semi-finals - a run that would test any side in Europe.
Whatever the outcome of Friday's draw, Liverpool will back themselves. With six European Cups already in the cabinet, they remain one of the competition's most experienced and dangerous sides - and genuine contenders to lift a seventh crown.
FC Barcelona defender Gerard Martin has insisted his side still believe they can produce a dramatic comeback against Atletico Madrid on Tuesday in the Copa del Rey semi-final.
Aurelien Tchouameni has described Real Madrid's progression to the UEFA Champions League last 16 as a victory for "everyone who is against racism" after a tense 2-1 win over S.L. Benfica at the Santiago Bernabeu on Wednesday night.
Former Chelsea captain John Terry has admitted he was left "frustrated" after being overlooked for a caretaker role following Enzo Maresca's January departure.
Newcastle United defeated Qarabag FK 3-2 in their UEFA Champions League playoff match at St. James Park on Tuesday to book a spot in the Round of 16.
