Brendan Rodgers' side secured their spot in the last-eight after squeezing through with a 3-2 aggregate victory over Rennes in the previous round of 16.
As a result, they'll play their quarter-final first leg at the King Power Stadium, with the second leg being played in the Netherlands - against a PSV side currently battling Ajax in a tight Eredivisie title race.
Elsewhere, Roma will take on Bodo Glimt, Feyenoord will face Slavia Prague and Marseille will face PAOK for a spot in the last-four.
Should the Foxes come out on top against the PSV, they'll face Jose Mourinho's side or Bodo/Glimt in the semi-finals for a shot at securing a place in the showpiece event on Wednesday, May 25.
The quarter final fixtures are set to take place on Thursday, April 7 and Thursday April 14, with the semi-finals starting two weeks later on Thursday April, 28 and Thursday, May 5.
The Europa Conference League final will then take place on Wednesday, May 25 in Tirana, Albania.
Europa Conference League: Quarter final draw
Bodo/Glimt v AS Roma
Feyenoord v Slavia Prague
Marseille v PAOK
Leicester City v PSV Eindhoven
Europa Conference League: Semi final draw
Semi-final 1: Leicester City/PSV Eindhoven v Bodo/Glimt/AS Roma
Semi-final 2: Feyenoord/Slavia Prague v Marseille/PAOK
Europa Conference League: Final
Semi-final 1 v Semi-final 2
Fiorentina 
Udinese 
Benfica 
Estoril 
Inter 
Como 
Manchester City 
Everton 
Chelsea 
Fulham 
Nottingham Forest 
Tottenham 
Celtic 
Motherwell 
Wolverhampton 
Manchester Utd 
ST Mirren 
Rangers 
Sampdoria 
Carrarese 
Liverpool 
Leicester 
Arsenal 
Ipswich 
Cagliari 
Lazio 
Atalanta 
FC Porto 
Boavista 
Torino 
Napoli 
Venezia 
ST Johnstone 
Juventus 
West Ham 
Pisa 
AC Milan 
Roma 
Sporting CP 
Newcastle 
Brentford