Champions of Europe Liverpool have been drawn against Atletico in the last 16 of Champions League while Manchester City will meet La Liga giants Real Madrid.
The Reds will continue the defence of their title against Diego Simeone's side with the first leg being played in the Spanish capital, while Pep Guardiola will return to his homeland to take on the might of Los Blancos.
Chelsea meanwhile have a repeat of their memorable European triumph over Bayern in 2012 having been drawn against the Bundesliga champions. It is the first time the two sides will play since their Didier Drogba-inspired shootout win at the Allianz Arena, seven years ago.
Tottenham too have a trip to Germany having been drawn against RB Leipzig.
Elsewhere, two of Diego Maradona's former clubs Napoli and Barcelona will meet in the last 16, while the most intriguing tie pits PSG against Borussia Dortmund.
Surprise package Atalanta will take on Valencia while Lyon and Juventus will also do battle.
Ties will commence February 18 with kick-off times set to be scheduled.
Last 16 draw in full
BORUSSIA DORTMUND v PSG
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