Update 12.24pm: Arsenal will play Russian club CSKA Moscow in the quarter-finals of the Europa League.
The Gunners booked their place in the last eight by defeating AC Milan, winning the second leg 3-1 at the Emirates Stadium last night to seal a 5-1 aggregate victory.
In the other quarter-final ties following Friday's draw in Nyon, Atletico Madrid face Sporting Lisbon, RB Leipzig tackle Marseille and Lazio take on Red Bull Salzburg.
Arsenal last reached a European quarter-final in 2010, when they lost to Barcelona in the Champions League.
The Gunners are currently sixth in the Premier League - and look unlikely to break their way into the top four, currently some 12 points behind Liverpool.
Arsene Wenger's men, though, have now won their last three matches in all competitions to ease the pressure somewhat on the veteran French coach.
The first leg of the tie is set for April 5 at the Emirates Stadium, with the second leg on April 12.
However, it remains to be seen what impact the current political situation regarding relations between the United Kingdom and Russia will have on the fixtures.
11.18am: Champions League draw: Liverpool face against Man City in quarter finals
Premier League leaders Manchester City have been drawn against English rivals Liverpool in the quarter-finals of the Champions League.
City secured their place in the last eight by beating Basel, having won the away leg 4-0, but then lost 2-1 at home in the second leg.
Liverpool saw off Porto in the round of 16, which also saw an impressive away performance with a 5-0 victory at the Estadio do Dragao ahead of a routine goalless draw at Anfield.
Anfield will host the first leg of the quarter-final tie, which will be played on April 3 or 4 with the second leg to be held on April 10 or 11.
Elsewhere in today's quarter-final draw, holders Real Madrid were handed a tie against Italian giants Juventus, who beat Tottenham in the last round.
LaLiga leaders Barcelona will play Roma, while the reward for Sevilla's victory over Manchester United was a date against Bayern Munich of Germany.
The two English clubs have already played each other twice in the Premier League this season.
Manchester City romped to a 5-0 home win during September, with Gabriel Jesus and Leroy Sane both scoring twice after Sadio Mane had been sent off.
Liverpool, though, gained revenge at Anfield in January when they inflicted what so far has been the only Premier League defeat for City, who were beaten 4-3 with two late goals adding some respectability to the final scoreline.
Champions League Quarter-finals draw:
Barcelona v Roma
Sevilla v Bayern Munich
Juventus v Real Madrid
Liverpool v Manchester City
Ties to be played on April 3-4 and April 10-11.