Among the other standout fixtures involving Premier League teams, Chelsea host Barcelona and will travel to Napoli, who are led by their former manager Antonio Conte.
Man City, who won the Champions League in 2023, also face Napoli, who have their former midfield star Kevin de Bruyne in their ranks.
Tottenham, Europa League winners last season, were drawn against defending champions PSG in a repeat of the Super Cup, while Newcastle have a tough task to qualify for the knockout stages after being drawn against Barcelona and PSG, as well as tricky-looking away ties at Erik ten Hag's Leverkusen and Marseille.
The 36-team league will see six Premier League teams for the first time in its history, but they cannot face each other until the knockout stages.
Champions League fixtures
Real Madrid (H), Inter (A), Atletico (H), Frankfurt (A), PSV (H), Marseille (A), Qarabag (H), Galatasaray (A)
Borussia Dortmund (H), Real Madrid (A), Leverkusen (H), Villarreal (A), Napoli (H), Bodo/Glimt (A), Galatasaray (H), Monaco (A)
Barcelona (H), Bayern Munich (A), Benfica (H), Atalanta (A), Ajax (H), Napoli (A), Pafos (H), Qarabag (A)
Bayern Munich (H), Inter (A), Atletico (H), Club Brugge (A), Olympiacos (H), Slavia Prague (A), Kairat Almaty (H), Athletic Bilbao (A)
Borussia Dortmund (H), PSG (A), Villarreal (H), Frankfurt (A), Slavia Prague (H), Bodo/Glimt (A), Copenhagen (H), Monaco (A)
Barcelona (H), PSG (A), Benfica (H), Bayer Leverkusen (A), PSV (H), Marseille (A), Athletic Bilbao (H), Union SG (A)
Pot 1 draw
Pot 2 draw
Pot 3 draw
Pot 4 draw
Who goes through to the next round?
Teams who finish in the top eight qualify automatically for the round of 16, while clubs that finish 25th or lower are elimiated from European competition and do not play in the Europa League.
The teams who finish ninth to 24th face a two-legged play-off, with those placed ninth to 16th seeded, and will play those who finish 17th-14th with the second leg at home.
Unlike last season, there is no country protection meaning English teams can face each other from the last 16 onwards (previously this was from the quarter-final stage).
There is a benefit to finish as high in the table as possible: Teams ranked 1-4 are guaranteed to be at home in the second leg of the last 16 and quarter-finals - should they qualify.
However only teams who finish in the following positions will be guaranteed to a home second-leg in the semi-finals: first, second, seventh, eighth, ninth, 10th, 15th, 16th, 17th, 18th, 23rd, 24th.
When will the league phase games be played?
As per last season, two games will be played at 5.45pm with the other ties at 8pm. However on the final league phase matchday, all 18 matches will kick-off at 8pm.
Only Champions League matches will take place from September 16th - 18th, with the Europa League taking place September 24th - 25th, and the Conference League on December 18th.
Matchday 1: September 16th - 18th
Matchday 2: September 30th - October 1st
Matchday 3: October 21st - 22nd
Matchday 4: November 4th - 5th
Matchday 5: November 25th - 26th
Matchday 6: December 9th - 10th
Matchday 7: January 20th - 21st
Matchday 8: January 28th