Arsenal have been drawn against Bayern Munich in the quarter-finals of the Champions League, while Manchester City will play 14-time winners Real Madrid.
The Gunners will host German side Bayern, who have England captain Harry Kane in their squad, at Emirates Stadium in the first leg.
Meanwhile, this is the third successive season City, who won last year’s title, have met Real in the knockout stages.
The first legs take place April 9 or 10, with the second legs on April 16 or17.
If Arsenal and City win their ties the two Premier League clubs will face each other in the semi-finals.
In the other ties, five-time winners Barcelona will play French champions PSG, while Atletico Madrid, who are fourth in La Liga, host German opposition Borussia Dortmund.
The semi-finals will be held on April 30 and May 1, with the second legs a week later on May 7 and 8.
Wembley Stadium will host this year’s final on Saturday, June 1.