Manchester United will play Austrian league leaders LASK in the Europa League last 16, while Rangers face Bayer Leverkusen.
United, champions in 2017, will be away from home in the first leg against LASK, who will be playing in the last 16 of the competition for the first time.
Rangers, who are having their best Europa League campaign since 2011, will host Leverkusen at Ibrox in the first leg.
Wolves, who are enjoying their first season in European football since 1981, have been drawn to play Olympiakos.
The Greek side reached the last 16 in dramatic fashion, scoring a 119th-minute winner at the Emirates to eliminate Arsenal on Thursday night.
Antonio Conte's Inter Milan will line-up against Getafe, who knocked out last season's Champions League semi-finalists Ajax in the previous round.
Sevilla, the most successful side in the history of the competition with five wins, face Roma.
Basel have been drawn against Frankfurt or Red Bull Salzburg. Their second leg was postponed due to bad weather in Austria and will be played on Friday; the German side lead 4-1 on aggregate.
Istanbul Basaksehir, debutants at this stage, will play Celtic's conquerors FC Copenhagen, while Wolfsburg play Shakhtar Donetsk.
Europa League round-of-16 draw
- Istanbul Basaksehir vs FC Copenhagen
- Olympiakos vs Wolves
- Rangers vs Bayer Leverkusen
- Wolfsburg vs Shakhtar Donetsk
- Inter Milan vs Getafe
- Sevilla vs Roma
- Frankfurt/Red Bull Salzburg vs Basel
- LASK vs Manchester United