Real Madrid are the most prestigious club on the continent, lifting the European Cup or Champions League 14 times to date - at least seven more than any other side.
They are looking to win successive titles for a second time in the modern era having become the first team to do so in their memorable run from 2016 to 2018.
Here's how Real Madrid can win the 2022/23 Champions League.
Real Madrid route to the Champions League final
After winning their opening three group stage matches against Celtic, Shakhtar Donetsk and RB Leipzig, Real Madrid looked certainties to qualify for the knockout stages as group winners.
However, they needed a last-minute equaliser from Antonio Rudiger to salvage a 1-1 draw away at Shakhtar in their fourth fixture, while Carlo Ancelotti's depleted charges fell 3-2 at Leipzig to take the matter to the final round of games.
Los Blancos swept aside Celtic 5-1 back at the Santiago Bernabeu to lock down a seeded spot in the draw for the last 16 and were paired with Liverpool in a rematch of last season's final.
Real Madrid took home their 14th European crown with a 1-0 victory against the Reds at the Stade de France back in May, with Vinicius Junior grabbing the winner.
Prior to that, the two sides met in the quarter-finals of the 2020/21 Champions League, with the Spanish side prevailing 3-1 on aggregate - the same scoreline as their 2018 final meeting in Kyiv.
Real Madrid twice beat Liverpool in the 2014/15 group stages - including a 1-0 victory at the Bernabeu against a heavily and comically rotated Reds side - while the Merseysiders' most recent triumphs in this fixture came in 2008/09 when they won 4-0 and 1-0 in a last-16 tie.
It's a fixture that historically favours Real, and should they emerge as victors once more, they can look ahead to the quarter-final and semi-final draws.
When is Liverpool vs Real Madrid?
While the exact dates of the ties are still to be confirmed by UEFA, the first legs of the last-16 stage of the 2022/23 Champions League are due to be played on 14, 15, 21 and 22 February. Return legs will take place on 7, 8, 14 and 15 March.
Real Madrid potential knockout stage opponents
While dumping Liverpool out would make Real Madrid's life easier down the road, there are still plenty of other contenders to take their European crown.
Paris-Saint Germain, Chelsea and Manchester City - all victims to Real Madrid comebacks in the knockout stages last season - remain in the competition, while Bayern Munich will be among the favourites.
The likes of Napoli, Tottenham, Milan and Benfica could be dark horses in what looks like an open Champions League season following Barcelona and Juventus' early eliminations.
Where is the Champions League final?
The final will be played at Istanbul's Ataturk Olympic Stadium on 10 June 2023.
The stadium was the site of the famous 2005 final between Liverpool and AC Milan and was due to stage it again in both 2020 and 2021, but Covid-19 complications meant that their place as hosts had to be rearranged.