The Reds booked their spot in the quarter-finals courtesy of Wednesday's brilliant 3-1 win away at Bayern Munich and have been rewarded with what looks somewhat of a plum tie.
Portuguese champions Porto came through courtesy of an extra-time win over Roma but were second best when they faced Liverpool in last season's round-of-16 tie.
On that occasion, the Reds ran out 5-0 aggregate winners and another victory for Jurgen Klopp's side would see them go on to face either Manchester United or Barcelona in the semi-finals.
In the other half of the draw, there is an all-English affair as Tottenham play Manchester City, the first leg of which could take place at Spurs' new stadium.
Meanwhile, the final tie sees Cristiano Ronaldo's Juventus face his former club Real Madrid's conquerors, Ajax.
The first legs are to be played on April 9 and 10, with the semi-finals starting on April 30 and May 1.