Arsenal's reward for winning their group is a last 16 tie with German giants Bayern Munich.
The Gunners topped their group for the first time since the 2011/12 season, but now take on one of European football's powerhouse clubs, who finished second in theirs.
Pep Guardiola's Manchester City, who finished second in their group behind Barcelona, were handed a favourable draw against French side Monaco.
Leicester, in their first Champions League season, take on Sevilla.
The first legs are scheduled for February 13/14 and 20/21, with the returns penciled in for March 6/7 and March 13/14.