Newly crowned French champions Paris Saint-Germain have been pitted with fellow big-spenders Manchester City.
Spanish giants Real Madrid are up against German outfit Wolfsburg.
The match-ups were decided by a draw in Nyon, Switzerland on Friday, with the ties scheduled to take place on 5/6 and 12/13 April.
Quarter-final ties:
Wolfsburg vs Real Madrid
Bayern Munich vs Benfica
Barcelona vs Atletico Madrid
Paris Saint-Germain vs Manchester City