Liverpool were drawn to play French side Auxerre in the fourth round of the UEFA Cup today and could meet Celtic in the quarter-final.
Scottish giants Celtic face German outfit Stuttgart next February and if they win they will meet the English Premiership side over two legs in March.
If that game does materialise, it will be a repeat of their first-round clash in 1997-98 when Liverpool progressed on away goals after drawing 2-2 at Parkhead and 0-0 at Anfield.
A pair of Michael Owen goals saw Liverpool win both legs of their third round against Dutch side SBV Vitesse and they next meet Auxerre, who beat English side Arsenal in the UEFA Champions League first group stage.
Italian side Lazio have been drawn against Polish side Wisla Krakow. Wisla have already beaten Parma in round one and saw off 1997 champions FC Schalke 04 on Tuesday.
Another former winner, the 1983 champions RSC Anderlecht, face Panathinaikos with the Greek side's rivals AEK Athens drawn against Malaga, the only remaining Spanish challenger after defeating Leeds United.
Denizlispor take on Portugal's FC Porto, while their Turkish league rivals Besiktas will bid for a quarter-final spot against Czech outfit Slavia Prague.
Hertha Berlin and Boavista, who defeated English side Fulham and French outfit Paris Saint-Germain, respectively, were drawn together.
Fourth-round matches are on February 20th and 27th, with the quarter-finals on March 13th and 20th, with times and venues being finalised on December 18.
Slavia Prague v Besiktas
Hertha Berlin v Boavista
Malaga v AEK Athens
Lazio v Wisla Krakow
Anderlecht v Panathaniakos
Celtic v Stuttgart
Porto v Denizlispor
Liverpool v Auxerre