The reds will travel away to Portugal before the second leg at Anfield.
If the reds get past Benfica they will be faced with a reunion for either Rafa or Fernando Torres’ old club.
The full draw is as follows.
Fulham v Wolfsburg
Hamburger SV v Standard Liege
Valencia v Atletico Madrid
Benfica v Liverpool
The Semi Final draw will be
Hamburg/Standard Liege v Fulham/Wolfsburg
Valencia/Atletico Madrid v Benfica/Liverpool * Winner of this semi final is classed as home team for final.