Barcelona, who have won three of the last four titles, famously fought back from 2-0 down to beat Wolfsburg 3-2 in the 2023 final.
Reigning Women's Super League champions Chelsea will face Manchester City, who finished with 15 points in the group - the same as Barcelona, but the English side finished second due to goal difference.
Chelsea and City are now set to face each other four times in two weeks as they play each other in the League Cup final and the WSL in March.
Olympique Lyonnais, record eight-time winners of the competition, will face Bayern Munich while Arsenal have been drawn against Real Madrid.
The semi-final draw was also made on Friday with Barcelona or Wolfsburg facing the winner of the tie between City and Chelsea. Real or Arsenal will face either Bayern or Lyon.
The first leg of the quarter-finals will be played on March 18th-19th followed by the second legs on March 26th-27th. The semi-final legs will be held on April 19th-20th and April 26th-27th.
The final will be held on May 24th in Lisbon.
WOMEN'S CHAMPIONS LEAGUE QUARTER-FINALS
Bayern Munich vs Olympique Lyonnais
WOMEN'S CHAMPIONS LEAGUE SEMI-FINALS
Wolfsburg/Barcelona vs Man City/Chelsea
Real Madrid/Arsenal vs Bayern/Lyon