On paper, Arsenal, Liverpool, Manchester United and Newcastle each look to have a very real chance of progressing to the second group phase of Europe’s top club competition.

Though none of the four contenders have a ludicrously easy draw, most of the giants of European football have been avoided - not to mention the group of death - and the 8-1 on an all-English final at Old Trafford next May does not look quite so miserly after all.

Manchester United’s prospects look rosiest, after they found themselves in Group F with Bayer Leverkusen, Olympiakos and competition debutants Maccabi Haifa, the first Israeli side to reach the Champions League who will be playing in Cyprus for security reasons.

Only Leverkusen, last season’s beaten finalists who beat Alex Ferguson’s side in last season’s semi-final, should pose a problem but even they have been weakened by the sale of Michael Ballack and Ze Roberto. Olympiakos were beaten home and way by United last season.

United chief executive Peter Kenyon said: “I think overall it’s a good draw for us and with a trip to Nicosia thrown in to play Haifa, geographically it’s not too bad, nothing too strenuous.

“When you look at the competition in general, the quality is as high as it’s ever been so there could have been some really difficult draws. Generally we have to be pleased.

“I’m sure the tie against Leverkusen will be billed as a chance for us to gain revenge but we will give them great respect and hope we get a better result than last time.”

Arsenal find themselves in Group A with German champions Borussia Dortmund, Dutch side PSV Eindhoven - now coached by Korea’s World Cup coach Guus Hiddink - and Auxerre of France.

Manager Arsene Wenger should feel confident, but only if his Gunners side can shed their awful away form in Europe.

Arsenal vice-chairman David Dein said: “It’s important that we give it our best shot but there is no such thing as an easy draw in the Champions League.

“We are taking nothing for granted because we have never played either Borussia Dortmund or PSV Eindhoven, although we did play Auxerre a few years ago in the quarter-finals of the Cup Winners Cup when we won at home and drew with them away.

“The Champions League is a competition which has eluded us and we need to progress in Europe. We have a strong squad with tremendous spirit and are playing some of the prettiest football I’ve ever seen.

“Hopefully we will do better than we’ve done before, it would show we have really arrived. To win it would be absolutely sensational.”

United and Arsenal were both top seeds and have avoided Spanish and Italian opposition.

Liverpool were ranked second, and are with Spanish champions Valencia in Group B.

They may pose a daunting challenge but there is less-vaunted opposition too in the form of Spartak Moscow and Basle, conquerors of Celtic in qualifying.

Rick Parry, Liverpool’s chief executive, said: “A trip to Moscow is never easy and Basle have just had a great result against Celtic. I’m sure under Christian Gross they will be no pushover.

“We are just delighted to be in the competition - and we don’t fear anyone.”

Newcastle United were among the lowest-ranked clubs but they too will feel that they can hold their own in Group E with Juventus, Feyenoord and Dynamo Kiev.

Magpies manager Bobby Robson believes winning at home holds the key to success.

He said: “In Juventus we are going to play one of the traditional powers of European football and Feyenoord last year won the UEFA Cup and were arguably the surprise team in Europe competition.

“No-one is going to find it easy either going to Kiev. Having said that none of those three clubs will find it easy coming to St James Park.

“We must win at home. If we don’t win at home we may not survive for long.”

Feyenoord are the UEFA Cup holders, but their talismanic striker Jon-Dahl Tomasson is now at AC Milan - along with Ronaldo - and the Italians are in Group G, undoubtedly the toughest, with Bayern Munich, Deportivo la Coruna, and French side Lens.

The defending champions Real Madrid are paired with Roma in Group C but both should progress at the expense of AEK Athens and Belgian side Genk.

Group D looks the easiest group of all. Inter Milan will encounter Lyons, Ajax and Rosenborg, while Barcelona and Galatasaray will be favourites to qualify from Group H where they will face Lokomotiv Moscow and Bruges.