Women’s Super League champions Chelsea, beaten at the semi-final stage in 2018 and 2019, host Atletico in the first leg on 3 or 4 March 3 before travelling to the Spanish capital one week later.
Atletico overcame Man City 3-2 on aggregate in the last 16 last year before exiting the competition against Barcelona in the final eight.
City, semi-finalists in 2017 and 2018, have a first-leg home advantage versus Fiorentina and will travel to Italy the following week. Fiorentina were beaten 6-0 on aggregate by Arsenal in the Champions League last season.
The 16 sides were divided into two groups of eight – four seeded teams and four unseeded – for the draw, with no club being able to meet a side from their own association. Covid-19 travel restrictions were also taken into account.
Holders Lyon, record seven-time winners and bidding for a sixth successive title, face Danish side Brondby.
Two-time winners Wolfsburg meet Norwegian side LSK Kvinner and Barcelona play Fortuna Hjorring of Denmark.
The final will be played at Gothenburg’s Gamla Ullevi stadium on 16 May.
Barcelona v Fortuna Hjorring
BIIK-Kazygurt v Bayern Munich
Sparta Prague v Paris Saint-Germain
Chelsea v Atletico Madrid