Bayern Munich coach Carlo Ancelotti will face his former club and defending champions Real Madrid while rank outsider Leicester City meets Diego Simeone's Atletico Madrid.
Zidane said he had no preferences whether he would rather win the Spanish league or the Champions League with Madrid.
Atletico, which made it to two Champions League finals in the last three seasons and won the Spanish league in 2014, is trying to re-establish itself as the third force in Spanish soccer after a hard start this season.
In the last eight of the Europa League Manchester United will face Belgian side Anderlecht, who have seen off APOEL and Zenit St Petersburg in the previous two rounds.
Sandwiched either side of their two clashes against Bayern, Real also welcome Atletico Madrid and Barcelona to the Santiago Bernabeu on 8 April and 23 April respectively.
They have met 10 times in two-legged European ties with each progressing five times.
Bayern are on a Champions League record run of 17 consecutive home wins, but have a score to settle with Real.
"Leicester", the Italy great said, "because it is a risky team, a team which will have enthusiasm, a team which has the weapons to cause trouble for teams who want to take the initiative".
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"We're very happy to be in the draw tomorrow (Friday)". They are a strong team that are doing well.
Barcelona won its fifth European title two years, beating Juventus 3-1 in Berlin, in coach Luis Enrique's first season with the club. "It's a hard match", said Dortmund chairman Hans Watzke.
"They say that playing away first is better, but I don't have a preference", added Zidane. "From that perspective, it is a good draw", he said.
This weekend they travel to the Basque country to take on Athletic Bilbao, while Barca play at home to Valencia. It's a hard match.
"As well as having that solid (defensive) block typical of Italian teams, they have players who can make the difference, some of the best in every position who are at a very high level".
A disastrous season in which Leicester teetered near the relegation places led to Ranieri's dismissal, following the 2-1 first-leg loss to Sevilla three weeks ago.
Ibrahimovic scored a hat-trick on his last visit to Anderlecht in October, 2013.