DC-8-73 CREW ONTO KOF ROLL; ON RWY 05L HAD A B777 ENTER THE TKOF RWY AT TXWY B6; DIRECTLY AHEAD OF THEM AT MMMX. THE DC-8 CAPT STEERED THE ACFT OFF THE RWY TO THE RIGHT TO AVOID A COLLISION WITH THE B777.

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NORMAL TAXI TO 05L AT MEXICO CITY. RECEIVED TKOF CLRNC FORM TWR. COMPETED TKOF CHECKLIST. FO AT CTLS FOR TKOF. WHILE ACCELERATING; THE SO SAW A FOREIGN ACR B777 ENTERING RWY 05L; FROM THE LEFT AND CALLED OUT 'AIRPLANE.' CAPT; MYSELF; APPLIED MAXIMUM BRAKING AND REVERSE THRUST. UPON REALIZING IMPACT WAS IMMINENT; I ADVISED CREW AND SIMULTANEOUSLY STEERED THE ACFT OFF THE RWY TO THE RIGHT IN ORDER TO AVOID COLLISION. AFTER COMING TO A STOP; COMPLETED EMER EVACUATION CHECKLIST AND EXITED THE ACFT VIA LADDER SUPPLIED BY EMER PERSONNEL. REMAINED IN VICINITY OF ACFT UNTIL APPROPRIATE AUTHORITIES; INCLUDING OUR MAINT PEOPLE ARRIVED TO SVC ACFT. THE ACFT CAME TO REST BETWEEN RWY 05L AND RWY 05R JUST N OF B6 TXWY. THIS IS THE TXWY THE B777 ENTERED THE RWY FROM. THERE WERE NO INJURIES ON EITHER ACFT. OUR ACFT SETTLED IN THE MUD UP TO THE ENG PODS. UPON MEETING THE B777 CREW; THEY EXPRESSED DEEP THANKS FOR AVERTING CATASTROPHE AND TOOK RESPONSIBILITY FOR THE RWY INCURSION. SUGGEST 'EXTREME' CAUTION TAXIING IN MEXICO CITY ESPECIALLY AT NIGHT.