Manchester City will face Real Madrid while holders Liverpool have been drawn against Atletico Madrid in the last 16 of the Champions League.
Chelsea take on Bayern Munich in a repeat of the 2012 final won by the Blues while Tottenham face RB Leipzig.
In the pick of the other ties, Borussia Dortmund will play Paris St-Germain and Napoli take on Barcelona.
The first legs will be played on 18, 19, 25 and 26 February with the return matches on 10, 11, 17 and 18 March.
This season's final is on 30 May at the Ataturk Stadium in Istanbul, the ground where Liverpool won the epic 2005 match against AC Milan.
Arsenal, Celtic, Manchester United, Wolves and Rangers will find out their Europa League last-32 opponents when that draw takes place at 12:00 GMT on Monday.
Last-16 draw in full
Borussia Dortmund v Paris St-Germain
Real Madrid v Manchester City
Atalanta v Valencia
Atletico Madrid v Liverpool
Chelsea v Bayern Munich
Lyon v Juventus
Tottenham v RB Leipzig
Napoli v Barcelona