If City were to progress they will have a slightly easier tie against either Legia Warsaw or Sporting Lisbon in the last 16.
City's football administration officer Brian Marwood said: "It's amazing, we've gone from the hardest group in the Champions League to getting the holders of the Europa League.
"It's a big game and we'll be looking forward to it.
"One thing we haven't had to endure is going through the early rounds where you play a lot of games. Porto are attractive opposition and the current champions.
"They are games we are looking forward to and are excited about."