Leicester will play Atletico Madrid in the quarter-finals of the Champions League.
The Foxes will continue their remarkable run by travelling to the Spanish capital for the first leg in the week beginning April 10, with the second match taking place the following week.
Leicester are England's sole representatives following the elimination in the last 16 of Manchester City and Arsenal.
Craig Shakespeare's side secured their unexpected progress with a 2-0 second-leg victory over Sevilla, while Atletico defeated Bayer Leverkusen 4-2 on aggregate.
It was perhaps inevitable the sides would be drawn together given that two of Leicester's four European ties prior to this season were against Atletico.
The Spaniards came out on top of both of them, winning 3-1 on aggregate in the 1961/62 Cup Winners' Cup before winning both legs of a UEFA Cup tie in 1997 for a 4-1 aggregate victory.
The tie will pit Leicester against one of the most consistent European teams of recent years.
Diego Simeone's team have reached the Champions League final in two of the last three seasons, losing to city rivals Real on both occasions, last year on penalties.
They were also beaten by Real in the quarter-finals in 2015 and won the Europa League in 2012.
The one encouraging factor for Leicester is Atletico have not been quite as strong in the league this season and sit fourth in LaLiga, five points behind Sevilla.
Leicester's win over Sevilla was their third in a row and continued their revival since Shakespeare took over from the sacked Claudio Ranieri.
Speaking after Tuesday's victory, Shakespeare said: ''We might just be the surprise team. We know there's going to be some terrific teams, as there were in the previous round.
"We have to be delighted with the performance and knocking Sevilla out. Their record in Europe is there for everyone to see. We're in there on merit. Make no mistake about that."
Shakespeare described the tie as a "massive challenge" but stressed Leicester must not lose sight of their Premier League relegation battle.
He told www.lcfc.co.uk: "Facing a team who have reached the final in two of the last three seasons is a massive challenge but it's just the kind of tie you expect in the quarter-finals of the Champions League.
"Atletico Madrid are a very good team with some fantastic individuals with experience in the competition, but we'll be ready to give everything to progress.
"It will be a brilliant occasion for our supporters and for everyone at the club but, before the players can begin to think about these games, we have Premier League matches to come that are of huge significance to our season. They will be our sole focus."