The Reds were paired with the Portuguese club during today’s last-eight draw in Nyon, with the sides to meet over two legs on April 9/10 and April 16/17.
The first match of the tie will be played at Anfield and the return held at the Estadio do Dragao.
The teams met last season in the round of 16 phase, with Liverpool winning 5-0 on aggregate to progress.
If Jürgen Klopp’s team are victorious against Porto, they will meet the winners of the quarter-final between FC Barcelona and Manchester United in the semi-finals.
Meanwhile, Manchester United have drawn Barcelona in a mouth-watering Champions League quarter-final, as caretaker manager Ole Gunnar Solskjaer aims to write more European history with the club.
United overcame Paris Saint-Germain in the round of 16 thanks to a stirring comeback in the French capital, winning the second leg 3-1 having lost 2-0 at Old Trafford.
It is 20 years since Solskjaer scored the winner on the club’s most famous night, and the caretaker manager could now add another chapter to that history if he can mastermind an unlikely Champions League triumph.