Liverpool will face Manchester United's Champions League conquerors RB Leipzig in the last 16 next year.
Jurgen Klopp's side, who topped Group D in Europe's premier club competition, will take on the German outfit who beat United 3-2 last week to claim a place in the knockout stage.
Manchester City will also face Bundesliga opposition in the shape of Borussia Monchengladbach, while the Premier League's other remaining representatives, Chelsea, will take on Atletico Madrid.
The tie of the round is arguably Barcelona v Paris St Germain.
The French side were finalists last season but will have bad memories of facing Barca in 2017, when their 4-0 first-leg lead was overturned in a dramatic 6-1 defeat at the Nou Camp.
Holders Bayern Munich will take on Italian side Lazio, while Cristiano Ronaldo returns to his native Portugal with Juventus to take on Porto.
Tottenham have been drawn against Wolfsberger in the last 32 of the Europa League.
Jose Mourinho's side will head to Austria in February having won Group J.
Manchester United will head to Real Sociedad for the first leg of their last 32 tie having been paired together after United were knocked out of the Champions League last week.
Arsenal will play Benfica with Mikel Arteta's side having topped Group B.
Rangers will play Royal Antwerp, with Steven Gerrard's side having won Group D ahead of Benfica.
Leicester have been drawn against Slavia Prague in the last 32 and will travel to the Czech Republic for the first leg
Champions League last 16 draw:
- Borussia Mönchengladbach v Manchester City
- Lazio v Bayern Munich
- Atlético Madrid v Chelsea
- RB Leipzig v Liverpool
- Porto v Juventus
- Barcelona v Paris St Germain
- Sevilla v Borussia Dortmund
- Atalanta v Real Madrid
