The Gunners, who overcame BATE on Thursday, boast a competition specialist at their helm in the form of Unai Emery.
The Spaniard has lifted this particular trophy on three previous occasions, with a hat-trick of successes enjoyed while in charge of Sevilla.
His former employers in La Liga are also still in the hunt this season and will be taking on Slavia Prague at the next stage.
Sevilla disposed of Lazio in the last 32 and boast the attacking threat to trouble any opponent.
Premier League sides are considered to be favourites, though, with Arsenal competing alongside London rivals Chelsea.
The Blues must negotiate a testing trip to the Ukraine if their challenge is to continue, but Maurizio Sarri will be hoping to see his side edge out Dynamo Kiev and remain on course for major silverware.
A team boasting the likes of Mauro Icardi and Lautaro Martinez within its ranks will be locking horns with Eintracht Frankfurt in the last 16.
Another of the Italian hopefuls, Napoli, are set to see their claims to a continental crown tested by Red Bull Salzburg.
The first legs of all eight matches will be staged on March 7, with the return dates taking place a week later.
All of those involved are hoping to a plot a course to the final which will be held in Baku on May 29.
Europa League last-16 draw in full:
Chelsea vs Dynamo Kiev
Eintracht Frankfurt vs Inter
Dinamo Zagreb vs Benfica
Napoli vs Red Bull Salzburg
Valencia vs Krasnodar
Sevilla vs Slavia Prague
Arsenal vs Rennes
Zenit vs Villarreal