I have a rather large (several MLOC) application at hand that I\'d like to split up into more maintainable separate parts. Currently the product is comprised of about 40 Eclipse
First: good luck & good coffee. You'll need both.
I once had a similiar problem. Legacy code with awful circular dependencies, even between classes from different packages like org.example.pkg1.A depends on org.example.pk2.B and vice versa.
I started with maven2 and fresh eclipse projects. First I tried to identify the most common functionalities (logging layer, common interfaces, common services) and created maven projects. Each time I was happy with a part, I deployed the library to the central nexus repository so that it was almost immediately available for other projects.
So I slowly worked up through the layers. maven2 handled the dependencies and the m2eclipse plugin provided a helpful dependency view. BTW - it's usually not too difficult to convert an eclipse project into a maven project. m2eclipse can do it for you and you just have to create a few new folders (like src/main/java) and adjust the build path for source folders. Takes just a minute or two. But expect more difficulties, if your project is an eclipse plugin or rcp application and you want maven not only to manage artifacts but also to build and deploy the application.
To opinion, eclipse, maven and nexus (or any other maven repository manager) are a good basis to start. You're lucky, if you have a good documentation of the system architecture and this architecture is really implemented ;)