Unai Emery's Villa will go to northern France for the first leg on March 12 before the return in Birmingham on March 19. Villa know the reward if they beat Lille against the winner of the all-Italian last-16 tie between Bologna and Roma.
If Forest win that tie they will advance to a quarter-final against either German Cup holders VfB Stuttgart or FC Porto, the two-time former winners of the competition. There is also the possibility of an all-English semi-final - Forest and Villa.
Lyon face a tough tie against Celta Vigo of La Liga, while Panathinaikos boss Rafael Benitez can look forward to a return to Spain as the Greek club will play Real Betis. Robbie Keane's Ferencvaros play Braga and Freiburg face Genk of Belgium.
This season's Europa League final will be played at the home of Besiktas in Istanbul on Wednesday, May 20th.