The Bit o' Red boss is pleased with the draw, which sees them take on Ole Gunnar Solskjaer's Molde FK in the second qualifying round
The Bit o' Red will take on the Tippeligaen champions at the Showgrounds on Wednesday July 17, while the date for the second leg in Norway, which will fall on either July 23 or 24, has yet to be confirmed.
Speaking to the club's official website, Baraclough said that it was "an exciting draw" and revealed that he had made acquaintance with Molde boss Ole Gunnar Solskjaer while completing his coaching licence.
"It is an exciting draw for everyone," said the Sligo boss. "I did my Uefa "A" Licence with Ole Gunnar several years ago in Lilleshall in England so it will be good to catch up again and pit our wits against each other.
"Molde have won their domestic titles twice in succession and like us have been building and building to try to become the top team in their country."
During his first season in charge at the Showgrounds, the former Scunthorpe United boss guided Sligo Rovers to their first Airtricity Premier Division title in 35 years to ensure that they would enter the Champions League and he admitted that he could not wait for the competition to get under way.
He said: "I watched the draw on Uefa.com and when it started with the Champions League music, it would send a tingle down your spine and you can feel it is a momentous occasion.
"We can't wait for it to begin," concluded the Sligo Rovers boss.