Liverpool, who won the Champions League in 2019, face Real Madrid in the quarter-finals, while Thomas Tuchel’s Chelsea take on Porto.
Champions League holders Bayern Munich meet last season’s runners-up Paris Saint-Germain, while Premier League champions-elect Manchester City face Borussia Dortmund.
‘Everyone would have wanted Porto,’ Cole said 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 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.
‘Chelsea 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 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 cannot write them off.
‘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 team. For me, they’re not a massive threat.
‘Liverpool are a threat, they just need to get it together.’
More to follow…