The Champions League defending champions Real Madrid will play Italian club Napoli, while reigning Serie A champions and 2014-15 runners-up Juventus will meet Portuguese side FC Porto, reports Efe.
Last year's runners-up Atletico Madrid will take German club Bayer Leverkusen, while Borussia Dortmund were drawn with Portuguese side Benfica.
Pep Guardiola-coached Manchester City will face Monaco, while English champions Leicester City will be up against Spanish outfit Sevilla, coached by Chilean Jorge Sampaoli.
The first leg of the Last 16 round will be played on February 14, 15, 21 and 22, while the second leg will take place on March 7, 8, 14 and 15.
The fixtures of the Champions League Last 16 round are as follows:
Manchester City (England) vs Monaco (France)
Real Madrid (Spain) vs Napoli (Italy)
Benfica (Portugal) vs Borussia Dortmund (Germany)
Bayern Munich (Germany) vs Arsenal (England)
Porto (Portugal) vs Juventus (Italy)
Bayer Leverkusen (Germany) vs Atletico Madrid (Spain)
Paris Saint-Germain (France)vs Barcelona (Spain)
Sevilla (Spain) vs Leicester City (England)