We present {it Hubble Space Telescope} {it V,I} photometry of the central region of the LMC cluster NGC 1866, reaching magnitudes as faint as V=27 mag. We find evidence that the cluster luminosity function shows a strong dependence on the distance from the cluster center, with a clear deficiency of low luminosity stars in the inner region. We discuss a {it global} cluster luminosity function as obtained from stars in all the investigated region, which appears in impressive agreement with the prediction from a Salpeter mass distribution. We also revisit the use of NGC 1866 as a probe for determining the efficiency of core overshooting, and conclude that a definitive answer to this question is not possible from this cluster.