Leverkusen overcame Monaco in the previous round to reach this stage, while Ferencvaros received a bye after topping Group H.
Match preview
Indeed, after finishing third in their Champions League group prior to the World Cup, Xabi Alonso's side looked set to crash out of Europe altogether after falling to a 3-2 defeat at home to Monaco in the first leg.
However, Leverkusen subsequently won by the same scoreline in the principality, before ultimately prevailing in dramatic circumstances by winning 5-3 in a penalty shootout at Stade Louis II.
With little more than a top half finish for them to realistically fight for in the Bundesliga after enduring a disastrous start to their league campaign before Alonso's appointment in early October, the Spaniard is likely to place major emphasis on their progression in Europe between now and the end of the season.
Die Werkself's only previous European trophy triumph was lifting the UEFA Cup in 1987-88, so Alonso has the chance to cement himself as a club legend within his first season in charge, especially with Champions League qualification up for grabs for whichever team can prevail in Europe's secondary competition.
Ferencvaros, meanwhile, progressed beyond the group stage of a European tournament for the first time in the club's history in some style by finishing above Monaco, Trabzonspor and Red Star Belgrade with 10 points from six matches.
The Hungarian champions, who look set to retain their domestic title having opened up a 14-point lead at the top of the division, will be competing in their first European knockout tie in almost two decades when they arrive into Leverkusen on Thursday.
Former Russia manager Stanislav Cherchesov, who took his home country to the World Cup quarter-finals in 2018, has been in charge of the Green Eagles since December 2021, retaining a remarkable win rate of more than 61% across his 57 matches in all competitions since being appointed.
While they will be massive underdogs to advance beyond the test of their German opponents, the fact that they finished above a side which pushed Leverkusen all of the way in the previous round suggests it would be foolish to write them off.
Bayer Leverkusen Europa League form:
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Bayer Leverkusen form (all competitions):
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Ferencvaros Europa League form:
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Team News
Leverkusen will remain without Andrey Lunev and Charles Aranguiz due to existing back and calf injuries respectively, while Mitchel Bakker is doubtful after missing the weekend's win against Hertha Berlin due to personal reasons.
Jeremie Frimpong, who scored his side's second goal during the 4-1 victory, was substituted before half-time due to a hamstring issue and may be out of action until after the international break later this month.
As such, Alonso may opt to utilise more defensive-minded full-backs in the shape of Odilon Kossounou and Piero Hincapie, with Moussa Diaby and Callum Hudson-Odoi tasked with penetrating from wide areas.
Ferencvaros, meanwhile, will travel without Muhamed Besic and Owusu Kwabena due to serious knee and ankle injuries respectively, with Cherchesov likely to make several changes from the side which drew 1-1 against Mezokovesd on Friday.
Kristoffer Zachariassen, Endre Botka and Samy Mmaee were all left out of the Russian's starting XI, but they should all come back into the team on Thursday having featured heavily during the group stage of this competition.
Bayer Leverkusen possible starting lineup:
Hradecky; Kossounou, Tah, Tapsoba, Hincapie; Palacios, Andrich; Hudson-Odoi, Wirtz, Diaby; Schick
Ferencvaros possible starting lineup:
Dibusz; Wingo, Botka, S Mmaee, Knoester, Civic; Traore, Vecsei, Zachariassen, Nguen; R Mmaee
We say: Bayer Leverkusen 3-1 Ferencvaros
Having significantly improved throughout Alonso's tenure, Leverkusen should have too much quality for their opponents on Thursday.
However, the Hungarian champions are likely to battle hard and will retain a threat in transition with the quality of Adama Traore and Tokmac Nguen, so it would be little surprise if they score to keep the tie alive ahead of the return leg in Budapest next week.