We can face one from Bayer Leverkusen, Internazionale, Juventus, Milan or Monaco. Fergie said:
"It doesn't matter who you get out of that five. You hope you go through and have everyone ready and you need a bit of luck with injuries when it comes round to the end of February, beginning of March.
"It is the tournament you always hope to be in and we are in the last 16 with a great chance. When you start out as a coach, you hope for some moments in your life when you are going to prepare a team to play against the best teams in Europe.
"When the European Cup first started, there was only one qualifier from each country. Now you have the best three teams, and sometimes four from the biggest countries in Europe. You cannot help but think it makes the Champions League the best tournament of all time. It is the hardest challenge any team or coach will face in the game.
"I didn't think it made much difference whether we won the group or finished second and I still don't. We could get Inter, AC Milan and Juventus but Bayern, Barcelona and Real Madrid were among the runners-up. All we can do is let fate decide how it works out.''
Fergie admitted that Fenerbahce deserved the win:
"They caught us and we showed a lack of strength defensively which was an area where we should have been strongest, but I have no complaints over the scoreline. It was a great experience for them. The next time they come to a European situation they will be far better."
We had some good moments in attack and in that situation, you have to take one but we didn't do that, so the game just petered out for us. Our defending was really poor. admitted.
"That was very disappointing given the experience we had there. But I have no regrets about playing the side I did. One of the major benefits of being a manager is you get to choose the team. I care about Manchester United, that is the important thing, so while I am disappointed at the result I am not disappointed at the team I selected.
"I have no complaints about the result, Fenerbahce deserved to win but the young players I selected tonight will be far better when they come back here again.''