The fixture will see Real forward Cristiano Ronaldo return to his former club.
Favourites Barcelona will face seven-times winners AC Milan and last season's runners-up Bayern Munich take on Arsenal.
Galatasaray meet Schalke 04, Celtic take on Juventus, Porto face Malaga and Valencia clash with Paris St Germain.
The first legs will take place between Feb. 12-20 and the return games between March 5-13.
(Reporting by Toby Davis; editing by Ed Osmond)