There are two other blockbuster ties, as Real Madrid face Atletico Madrid in a much-anticipated derby, and Bayern Munich play Borussia Dortmund.
Aston Villa avoided a last-16 test against Borussia Dortmund and have instead been drawn against Club Brugge, who they were beaten by in November in the league phase.
Real Madrid vs Atletico Madrid.
Arne Slot’s side finished top of the league phase but there has been little reward for that as they go up against PSG, who beat Brest 10-0 on aggregate in their play-off tie.
Should Arsenal get past PSV, they will face a quarter-final tie against either Real or Atletico.