The two sides met at the same stage of last season's competition, Bayern triumphing on away goals after a 3-3 aggregate score.
Bayern went on to beat Borussia Dortmund 2-1 in May's final, part of an unprecedented treble in German football under the stewardship of Jupp Heynckes, with the Bundesliga and DFB-Pokal titles completing their impressive trophy haul.
Arsenal have progressed from the initial group stage for the 14th straight year, and - despite being ousted by Bayern at this stage last season - will take heart from a 2-0 victory at the Allianz Arena in the second leg of last season's tie.
Manchester City's reward for a first appearance in the knockout stages is a difficult encounter against Spanish champions Barcelona.
Gerardo Martino's men are looking to win the tournament for the first time since 2011 when they defeated Manchester United 3-1 at Wembley.
Last season's beaten finalists Dortmund face Zenit St Petersburg, while Real Madrid have been paired with Schalke.
The 35-year-old - who enjoyed an eight-year spell at Stamford Bridge - scored the winning spot-kick in Chelsea's 4-3 penalty shootout triumph over Bayern in the 2012 final.
David Moyes' Manchester United face Greek opposition in the form of Olympiacos, and Ligue 1 champions Paris Saint-Germain will meet Bayer Leverkusen in the first competitive meeting between the two sides.
