The Reds were paired with the Portuguese club during today’s last-eight draw in Nyon, with the sides to meet over two legs on April 9/10 and April 16/17.
The first match of the tie will be played at Anfield and the return held at the Estadio do Dragao.
The teams met last season in the round of 16 phase, with Liverpool winning 5-0 on aggregate to progress.
If Jürgen Klopp’s team are victorious against Porto, they will meet the winners of the quarter-final between FC Barcelona and Manchester United in the semi-finals.
Liverpool, runners-up in the Champions League last season, secured progress to the last eight with a 3-1 victory over Bayern Munich at the Allianz Arena on Wednesday night.