Leicester will face Atletico Madrid in the Champions League quarter-finals, while Bayern Munich meet Real Madrid.
The Foxes will continue their remarkable run by travelling to the Spanish capital for the first leg on April 12, with the second match taking place the following week on April 18.
Leicester are England's sole representatives following the elimination in the last 16 of Manchester City and Arsenal.
Craig Shakespeare's side secured their unexpected progress with a 2-0 second-leg victory over Sevilla, while Atletico defeated Bayer Leverkusen 4-2 on aggregate.
Shakespeare described the tie as a "massive challenge" but stressed Leicester must not lose sight of their Premier League relegation battle.
He told lcfc.co.uk: "Facing a team who have reached the final in two of the last three seasons is a massive challenge but it's just the kind of tie you expect in the quarter-finals of the Champions League.
"Atletico Madrid are a very good team with some fantastic individuals with experience in the competition, but we'll be ready to give everything to progress.
"It will be a brilliant occasion for our supporters and for everyone at the club but, before the players can begin to think about these games, we have Premier League matches to come that are of huge significance to our season. They will be our sole focus."
Two giants of European football - Bayern Munich and Real Madrid - were also paired together at the last-eight stage, with the first leg at the home of the German champions.
Barcelona, who performed heroics to get past PSG in the last 16, face Juventus in a repeat of the 2015 final, which Barca won 3-1 in Berlin.
The 2013 finalists Borussia Dortmund will face Monaco, who knocked out Pep Guardiola's Manchester City in the last 16.
Atletico, the surprise Spanish champions in 2014, are not at the peak of their powers in LaLiga and with 11 games to go they trail city rivals Real Madrid by 10 points.
Despite a difficult autumn, they have won eight of their last 12 LaLiga fixtures, losing only to Barcelona, and they are unbeaten away from home since December.
In Europe, they won five of their group-stage matches and were convincing in getting past Bayer Leverkusen 4-2 on aggregate in the last 16.
Champions League quarter-final draw
Atletico Madrid v Leicester City
Borussia Dortmund v Monaco
Bayern Munich v Real Madrid
Juventus v Barcelona
Champions League quarter-final schedule
April 11
Borussia Dortmund v Monaco
Juventus v Barcelona
April 12
Atletico Madrid v Leicester City
Bayern Munich v Real Madrid
April 18
Leicester City v Atletico Madrid
Real Madrid v Bayern Munich
April 19
Monaco v Borussia Dortmund
Barcelona v Juventus
Champions League odds
Sky Bet have priced Leicester up at 7/2 to get the better of Atletico Madrid and reach the semi-finals of the Champions League.
Atletico are odds-on at 1/6 to make it through the tie and the LaLiga side have been cut to 6/1 to win the competition.
Leicester remain big 33/1 outsiders in the outright market, which is still headed by Barcelona at 5/2 following the quarter-final draw.
Barca have been handed a tie against Juventus and Luis Enrique’s men can be backed at 8/15 to reach the last four. Juve are 11/8 outsiders to make it through that tie.
Monaco, conquerors of Manchester City in the last 16, will meet Borussia Dortmund and the Ligue 1 leaders are on offer at 5/4 to progress. Dortmund are odds-on favourites to continue in the competition at 4/7.
Bayern Munich and Real Madrid meet in a blockbuster to complete the quarter-final line-up. The tie is regarded as the most difficult to call by Sky Bet.
The Bundesliga giants are 4/6 favourites to make it through the battle of the European heavyweights, while Real can be supported at 11/10.
Those two sides are second and third in Sky Bet’s outright prices at 3/1 and 11/2 respectively.
Followers of our ante-post tips are still in the running for glory as Atletico Madrid and Juventus bid to reach the last four.
Odds correct at 1215 GMT on 17/03/17.
Team-by-team guide
Atletico Madrid
Atletico saw off the might of Bayern Munich to top Group D and then enjoyed further success against German opponents by despatching Bayer Leverkusen over two legs in the last 16.
Leading scorer in this season's Champions League: Antoine Griezmann (4).
Best European Cup/Champions League performance: Finalists (2013/14).
Current domestic league position: 4th (LaLiga).
Barcelona
Largely untroubled in Group E, it was Barca's record-breaking heroics against Paris St Germain which will live longer in the memory, having overhauled a 4-0 first-leg deficit to advance to the quarter-finals 6-5 on aggregate.
Leading scorer in this season's Champions League: Lionel Messi (11).
Best European Cup/Champions League performance: Five-time winners (1991/92, 2005/06, 2008/09, 2010/11, 2014/15).
Current domestic league position: 2nd (LaLiga).
Sky Bet's outright odds: 5/2 favourites
Bayern Munich
The Bundesliga champions more than made up for a group stage runners-up finish to Atletico by twice firing five past troubled Arsenal to run out handsome 10-2 aggregate winners in the last 16.
Leading scorer in this season's Champions League: Robert Lewandowski (7).
Best European Cup/Champions League performance: Five-time winners (1973/74, 1974/75, 1975/76, 2000/01, 2012/13).
Current domestic league position: 1st (Bundesliga).
Borussia Dortmund
Unbeaten in Group F, pushing European giants Real Madrid into second spot, Borussia then overturned a first-leg disadvantage against Benfica with a rousing 4-0 display - including a Pierre-Emerick Aubayemang hat-trick - to ensure safe passage.
Leading scorer in this season's Champions League: Pierre-Emerick Aubameyang (7).
Best European Cup/Champions League performance: Winners (1996/97).
Current domestic league position: 3rd (Bundesliga).
Juventus
Another unbeaten side in the group stage, the Serie A leaders slipped almost unnoticed into the quarter-finals for the 10th time in their history with a trouble-free 3-0 aggregate win against Porto.
Leading scorer in this season's Champions League: Gonzalo Higuain (3).
Best European Cup/Champions League performance: Two-time winners (1984/85, 1995/96).
Current domestic league position: 1st (Serie A).
Leicester City
Competition debutants Leicester defied the odds and the critics to get the better of Sevilla in the last 16, winning the return leg 2-0 and the tie 3-2. This season's surprise package, despite a terrible domestic season and a recent change of manager.
Leading scorer in this season's Champions League: Riyad Mahrez (4).
Best European Cup/Champions League performance: No previous appearances.
Current domestic league position: 15th (Premier League).
Monaco
The free-scoring French League side finished top of their group and overturned a first leg deficit to upset Manchester City and book a place in the last eight.
Leading scorer in this season's Champions League: Radamel Falcao (6).
Best European Cup/Champions League performance: Finalists (2003/04).
Current domestic league position: 1st (Ligue 1).
Real Madrid
Record European champions Real proved their group stage runners-up finish was merely a blip by hammering Napoli 6-2 on aggregate to reach the quarter-finals for the seventh successive season.
Leading scorer in this season's Champions League: Karim Benzema (5).
Best European Cup/Champions League performance: 11-time winners (1955/56, 1956/57, 1957/58, 1958/59, 1959/60, 1965/66, 1997/98, 1999/00, 2001/02, 2013/14, 2015/16).
Current domestic league position: 1st (LaLiga).