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Ipswich Town have been rewarded for their superb European form with a tie against Italian giants Inter Milan in the Uefa Cup third round.
After away victories against Torpedo Moscow and Helsingborgs, the Premiership side will be happy to play the second leg at the San Siro.
"To travel to one of the world's great teams in one of the world's great stadiums will capture everyone's imagination," said Ipswich chairman David Sheepshanks.
Celtic have an equally tough task against Spanish side Valencia - runners-up in the Champions League for the last two seasons.
The Scottish champions have never beaten Spanish opposition in European competition.
"Looking at Valencia's club history in Europe, this is going to be a tough match," said Celtic operations director George Douglas.
"Our recent performance against Juventus at home demonstrates what we're capable of. We have a good team, and we're looking forward to a good match."
Leeds United will start favourites against Switzerland's Grasshoppers, but could be without several key players.
"Normally you would like the away leg first but with this tie it would have suited us to have played them at Elland Road for the first leg," said Leeds manager David O'Leary.
"We already know we will have Mark Viduka and Harry Kewell on World Cup duty with Australia.
"We also run the risk of picking up injuries along the way, and that could hamper us even further."
Paris-Saint Germain general manager Lionel Dreksler expects a difficult game after being drawn with Rangers.
"All teams are tough at this level," he said. "Rangers really know their football."
Full Uefa Cup third round draw:
PAOK Salonika v PSV Eindhoven
(Ties to be played on 22 November and 6 December)
Fiorentina v Lille
Valencia v Celtic
Servette v Hertha Berlin
Ipswich Town v Inter Milan
Paris St Germain v Rangers
Feyenoord v SC Freiburg
AEK Athens v Litex Lovech
Grasshoppers v Leeds United
Brondby v Parma
Girondins Bordeaux v Roda JC Kerkrade
Slovan Liberec v Mallorca
Hapoel Tel Aviv FC v Lokomotiv Moscow
Copenhagen v Borussia Dortmund
Sporting Lisbon v AC Milan
Club Bruges v Lyon
Related to this story:
Old Firm face tough tasks
(02 Nov 01 | Uefa Cup)
Hansen's Euro verdict
(02 Nov 01 | Champions League)