Dundalk will face either Bate Borisov or SJK Seinajoki of Finland in the third qualifying round of the Champions league if they get past their Icelandic opponents next week.
Stephen Kenny's side are tied at 1-all going into the second leg of their second round second leg tie with Hafnarfjordur.
If Celtic overturn the 1-0 deficit against Lincoln Red Imps of Gibraltar next week they'll play either Astana of Kazakhstan or Vilnius of Lithuania.
The Hoops are favourites to reach the next stage despite an embarrassing 1-0 loss to part-timers Lincoln in the first leg of their second-round tie.
Manager Brendan Rodgers suffered a humiliating first game in charge when a second-half goal from Ministry of Defence police officer Lee Casciaro condemned the Scottish champions to defeat in Gibraltar.
The third-round ties will be played on July 26/27 and August 2/3.
The draw, held in Nyon, Switzerland, was preceded by a moment's silence for the Nice attack on Thursday night.
Last night both Cork City and St Pats claimed 1-1 draws in their away ties of the Europa league second qualifying round second legs.
City played BK Hacken of Sweden while the Saints played Dinamo Misk of Belarus.
If Cork City win against BK Häcken they face either Belgian side Genk or Podgorica from Montenegro in the next round.
Dundalk’s potential next round opposition is either English side Connah’s Quay or Serbian side FK Vojvodina.