Arsenal managing director Keith Edelman said: "It's going to be a great match, very exciting.
"We've only played them once in a competitive match in 1994, we drew at Highbury and lost at Milan so we can hopefully turn that round.
"We would have preferred an easier one at this stage but everyone will be looking forward to this tremendously.
"Arsene (Wenger) has built a strong squad so we are confident.
"I don't think games come much bigger than this at this stage of the competition, highly charged and very competitive."
On facing Inter, Liverpool chief executive Rick Parry said: "It's a big one - but was it going to be whoever we had drawn.
"It's a long time since we played them, they are a very good team. It's going to be tough but there are no easy ones at this stage.
"Every team at this stage is a good team, if you look at who we could have drawn it was never going to be easy so we shall take who we get.
"We've stopped a few hearts the way we have qualified but in the last three games we are clearly in form and scoring goals."
United club secretary Ken Ramsden said Lyon will not be happy after being drawn together in the knockout stages of the Champions League.
Ramsden told Sky Sports News: "They are one of the better teams. But they won't be pleased getting us.
"We'll see what happens in the new year."
Asked whether the priority for the north-west side is the Premier League or Champions League, Ramsden added: "Ask the players and they will say the league.
"As a fan I want the Champions League so we'll say both."
The full draw: