Jurgen Klopp's side advanced to the knockout stages as group winners after winning four of their six Group D games, with Atalanta also progressing alongside them.
And it will be Leipzig who Jurgen Klopp's side take on in the first knockout round, with the two sides drawn against one another during the draw at UEFA's headquarters on Monday morning.
The Reds will travel to Leipzig for the first leg, which could take place on either February 16/17 or February 23/24.
The second leg, at Anfield, will take place on either March 9/10 or March 16/17. The dates are expected to be confirmed within the next few days. Both matches will be covered by BT Sport in the United Kingdom.
The tie will be the first-ever meeting between the two clubs, who have a good working relationship off the field through owners Fenway Sports Group and Red Bull.
Leipzig sit just one point off the top of the Bundesliga table after an impressive start to the season, despite parting ways with the likes of Timo Werner, Ademola Lookman and Jean-Kevin Augustin in the summer.