The first legs of each tie will take place on April 1 and 2, with the return legs being played on April 8 and 9.
Find out how the draw unfolded in our updates below:
10.55amWelcome all! Today's the day when we discover who will go head to head for a place in the Champions League semi-finals. There's no rules at this stage, so all teams can face one another. Could we have an El Clasico between Barcelona and Real Madrid at this early stage? Or will an all-Premier League encounter involving Manchester United and Chelsea be the headline?
10.58amFirst things first - which teams are involved in today's draw? Well, this year is particularly special as you could argue that we have the most elite European teams in contention.
11amAs far as the English contingent goes, Chelsea and Manchester United are flying the flag, with both sides coming through their last-16 ties against Galatasaray and Olympiacos respectively.
11.02amSurprisingly, or not so surprisingly depending on how you look at it, Manchester United are outsiders for the Champions League crown due to their dismal domestic season so far. However, they were able to overcome a 2-0 deficit from their first leg against Olympiacos to progress into the final eight.
11.04amA hat-trick from Robin van Persie kept United's European hopes alive at Old Trafford on Wednesday, and manager David Moyes sees no reason why the cannot go on and win the tournament. However, there are a few giants that they would have to get past...
11.05amReigning champions Bayern Munich lead the way after they defeated Arsenal over two legs to continue their campaign, while Barcelona saw off Manchester City to progress.
11.06amSome have deemed this season's tournament the best in years as This is the first time in the Champions League's current format that all eight group winners have reached the quarter-final stage.
11.07amOn top of that, six of the eight clubs are former or reigning European champions. Only Paris Saint-Germain and Atletico Madrid are yet to win the trophy.
11.10amBayern won last year's Champions League tournament, Chelsea in 2012 and Barcelona the previous year, while United last clinched the honour in 2008. Real Madrid scooped the trophy in 2002 and Dortmund became champions back in 1997.
11.15amSo, there we have it! How are you feeling United fans? Your team will have to take on reigning champions Bayern over two legs in a bid to reach the final four of the elite tournament.
11.16amI'm sure David Moyes was hoping for either PSG or Dortmund, but it's not to be - United have arguably been handed the toughest tie of the quarter-finals, with the first leg being held at Old Trafford and the potentially deciding second leg at the Allianz Arena.
11.19amIt's David Moyes vs. Pep Guardiola, who would have thought it?! As we all know, United are struggling in the Premier League given that they are just seventh in the table. In contrast, Bayern are running away with the Bundesliga title as they are currently at the top of the standings by a whopping 23 points.
11.24amAside from United's tie, Chelsea will go up against Ligue 1 champions Paris Saint-Germain. Given that the Blues could have faced Spanish giants Real Madrid or Barcelona, I imagine that Chelsea boss Jose Mourinho will be relatively happy with the draw.
11.26amThe West London outfit will have to travel to Parc des Princes for the first leg before welcoming Laurent Blanc's men to Stamford Bridge a week later. Could John Terry vs. Zlatan Ibrahimovic be a crucial contest?
11.28amIt has been confirmed that there will be no El Clasico at this stage of the competition, but there is an intriguing La Liga match-up between Barcelona and Atletico Madrid.
11.30amOnly one point currently separates the two clubs in the league table, with Atletico edging ahead of Barcelona in second place. This is also the first time these two sides have gone head to head in the elite tournament.
11.36amFor Barcelona's arch rivals Real Madrid - Carlo Ancelotti's side will take on Borussia Dortmund, with the first leg being held at the Bernabeu. While Jurgen Klopp's side reached the final last season, they're threat has diminished slightly due to recent performances and the fact that they are 23 points behind Bayern in the Bundesliga.
11.40amJamie Redknapp believes that United manager David Moyes will be "disappointed" by the draw. Redknapp told Sky Sports News: "I think it's the worst draw possible. They're an incredible side, Bayern. They have that belief after winning it last year."
11.41amManchester Untied club secretary John Alexander has been speaking after the draw: "It's an exciting tie," BBC Sport quotes Alexander as saying. "Bayern are a fantastic side, but we have to take heart from our performance the other night against Olympiacos.
"Our staff are very thorough and will have done their homework and will be prepared for Bayern. If we can keep them quiet in the first leg and get an advantage then we're more than capable of stealing an away goal."
11.42amWe have some huge ties to look forward to and potentially, nine of the world's best players could feature - Cristiano Ronaldo, Lionel Messi, Franck Ribery, Zlatan Ibrahimovic, Neymar, Andres Iniesta, Robin van Persie, Arjen Robben and Gareth Bale. On that note, it's time for me to sign off. Thank you for joining our coverage and until next time, goodbye!