Barcelona will face Paris Saint Germain in the knockout stages for the third time since 2013 while Arsenal will meet Bayern Munich in Europe's premier club competition for the fourth time in five seasons.
"(PSG is) an old friend, a team that will not be easy but history is on our side," said Barcelona's sporting vice president Jordi Mestre in comments carried by the club's official website.
"In the Champions League there are no easy teams. Furthermore, their coach Unai Emery knows the Spanish League really well," Mestre added.
Barcelona qualified for the last 16 as group winners, comfortably seeing off Manchester City, Borussia Moenchengladbach and Celtic while PSG could only finish second behind Arsenal in Group A.
The Catalans knocked the French champions out at the quarterfinal stages in 2013 and again in 2015. The pair also met in the 2014-15 group stages.
PSG director of football and former Barcelona striker Patrick Kluivert told BT Sport: "We knew we could draw the biggest clubs in the world and we have to face it."
"This is the draw and we can't hide but also, Barcelona has to watch out for us," Kluivert added.
For Arsenal, which has been eliminated at the last 16 stage for each of the last six seasons, the sight of 2013 Champions League winner Bayern standing in its path is also a familiar one.
The club's official Twitter account even hinted at its fatigue in facing the reigning German champion stating: "We'll play @FCBayern (AGAIN!) in the last 16."
Bayern knocked the Gunners out of the Champions League at the last 16 stage in 2013 and 2014. The Bavarians also hammered Arsene Wenger's men 5-1 in the 2015 group stages to avenge an earlier 2-0 loss in London.
Arsenal's general secretary David Miles said "we thought it might happen, we've played them five or six times in the last 15 years.
"The fans will think we've got the rough end of the draw again but at some stage the tide's got to turn so why not this time?"
Elsewhere Monday, Champions League holder Real Madrid was drawn against Italy's Napoli while city rival and last season's runner-up Atletico Madrid was paired with Bayer Leverkusen of Germany.
Leicester City will be hoping to continue its fairytale journey against Europa League winners for the last three seasons Sevilla.
Manchester City director of football Txiki Beguiristain seemed happy to have avoided Europe's big guns but will be wary of a dangerous Monaco side that got the better of EPL rival Tottenham in the group stages.
"We are happy to be here, and then we have avoided Real Madrid and Barcelona," he told BT Sport.
"Monaco are playing probably the best football in France now. In a group with Tottenham and Bayer Leverkusen they were top and they have young players and a lot of talent."
In the remaining last 16 fixtures, group stage top-scorers Borussia Dortmund
will be looking to get the better of Portuguese champion Benfica while 2015 finalists Juventus will meet two-time winner Porto.
The full draw for the last 16 of the Champions League is as follows:
Manchester City v Monaco
Real Madrid v Napoli
Bayern Munich v Arsenal
Sevilla v Leicester City
Porto v Juventus
Benfica v Borussia Dortmund
Paris Saint Germain v Barcelona
Bayer Leverkusen v Atletico Madrid
The first legs of the fixtures will be played on the weeks of February 14 - 15 and 21 - 22 February 21 - 22, 2017 with those first out of the hat playing at home first.
The return legs will be held on the weeks of March 7 - 8 and March 14 -15, 2017.