Steven Gerrard’s side booked their last-eight place with a 2-0 victory over Manchester United at Prenton Park, with Ben Woodburn and Rafael Camacho scoring the goals.
The reward for that result is a trip to City in the next round; the one-off tie will be played on either Tuesday March 13 or Wednesday March 14.
The winners of that clash will progress to a semi-final against either Barcelona or Atletico Madrid, on Friday April 20 in Nyon, Switzerland.
UEFA Youth League quarter-finals
Real Madrid v Chelsea
Manchester City v Liverpool
Barcelona v Atletico Madrid
Tottenham Hotspur v FC Porto