Below AFP Sport assesses the prospects of the eight competing sides:
Seeding: 6th. ODI Ranking: 3rd
Have never won a major 50-over tournament and going 2-0 down to New Zealand in their ongoing ODI series has exposed lack of bowling depth. Much set to depend on form of talented Eoin Morgan in absence of injured star batsman Kevin Pietersen.
Seeding: 1st. ODI Ranking: 2nd
May be missing several familiar faces but the defending champions still thrashed West Indies 5-0 at home in their last ODI series. The form of all-rounder Shane Watson could be key to their chances.
Seeding: 7th. ODI Ranking: 8th
Perennially punch above their weight in ICC tournaments and were losing finalists at the last Champions Trophy. Could go one better if Martin Guptill maintains the form that has seen him score back-to-back hundreds in the ongoing series with England.
Seeding: 4th. ODI Ranking: 5th
Have appeared in the finals of several recent ICC events without lifting a trophy and may struggle if conditions are typically English. But the likes of unorthodox paceman Lasith Malings still capable of troubling the world's best batsmen.
Seeding: 2nd. ODI Ranking: 1st
Will want to put all the recent fixing scandals in the Indian Premier League behind them. Mahendra Singh Dhoni remains an inspiring captain and Ravindra Jadeja a dangerous player, but the question is will they be able to concentrate solely on their cricket?
Seeding: 5th. ODI Ranking: 6th
Capable of declining from sublime to the ridiculous in the space of two matches, they appear to be a united side under Misbah-ul-Haq and potentially have one of the bowlers of the tournament in off-spinner Saeed Ajmal.
Seeding: 3rd. ODI Ranking: 4th
Strong-looking squad who will be desperate to shed their reputation as repeat-chokers in one-day events. Have world's two top-ranked batsmen in captain AB de Villiers and Hashim Amla.
Seeding: 8th. ODI Ranking: 7th.
Won the last Champions Trophy in England in 2004 and last year's World Twenty20. May do well to get out of a tough group but anything possible if hard-hitting batsman Chris Gayle finds form.