The Champions League knockout stage is underway, as the top club teams in Europe battle for survival in the world's biggest yearly soccer event.

Manchester City, PSG, Real Madrid, and Bayern Munich headline the favorites which are all hopeful of booking a place in the quarterfinals and beyond

Premier League sides Chelsea, Manchester United, and Liverpool also remain in the hunt, while Atletico Madrid and Inter Milan, reigning champs in Spain and Italy, make their case for the crown.

Once the Round of 16 is complete and the quarterfinal field is set, there is one final tournament draw

that will determine the bracket for the rest of the competition and set a path for each club to potentially hoist the trophy.

Here is all you need to know about the quarterfinal draw, how it will work, and when the rest of the tournament will take place.

The quarterfinal draw for the 2022 Champions League tournament will take place on Friday, March 18.

The draw will occur at the House of European Football in Nyon, Switzerland and will be streamed live by UEFA.

While the draw will, most notably, set the matchups for the quarterfinal round with just eight teams remaining at that stage

It will also set the bracket for the remainder of the competition and eliminate the need for any more draws.

After the quarterfinal matches are set, UEFA will do the semifinal draw as well, paving a path for each club and who they can face in each remaining stage.

The draw will then conclude with determining which side of the bracket will be deemed the "home" team in the final, for procedural purposes, despite the final taking place at a neutral venue.