The Gunners head to Italy for the first leg on March 8 before the reverse fixture takes place at the Emirates on March 15.
Arsenal have drawn AC Milan in the last-16 of the Europa League.
It is a tough draw for the Gunners, with Milan boasting an expensive and impressive squad that includes Andre Silva and Hakan Calhanoglu.
But, the Gunners made hard work of the tie with a 2-1 loss at the Emirates on Thursday night after returning from Sweden with a 3-0 advantage.
Arsene Wenger should be pleased with the opponents after saying on Friday morning he hoped Arsenal would avoid a big-match pairing with Atletico Madrid and Borussia Dortmund.
He said: ‘It looks like the level is high. You have some Russian teams, French teams, German teams. It looks like the competition will become tougher and tougher. So let’s hope we have a good draw.’