Europe's elite club competition was halted in March, along with most other sports leagues and cups across the world, due to the global coronavirus crisis.
However, on Wednesday UEFA's Executive Committee approved plans for the campaign to restart in August, with the quarter-finals, semi-finals and final all taking place in Portuguese capital Lisbon.
Paris Saint-Germain Chairman and CEO Nasser Al-Khelaifi, who took part in the Executive Committee by video conference, welcomes the return of the Champions League in August.https://t.co/BijckFXXJY— Paris Saint-Germain (@PSG_English) June 17, 2020
PSG had already booked their passage to the last eight having overturned a 2-1 first-leg deficit against Borussia Dortmund with a 2-0 victory on March 11, which proved to be their final fixture before their season was suspended.
"I would like to salute the work put in by UEFA in order to permit the clubs involved to finish the Champions League, which remains the most popular and prestigious club competition in the world," Al-Khelaifi told his club's website.
"I am also very satisfied with the organisation of another finals tournament for the Women's Champions League, in which our team will take on Arsenal in the quarter-finals.
"In recent weeks I have had the chance to reiterate the extent to which the Champions League is important to the finances of clubs and broadcasters, but above all is important to the supporters, who love this competition.
"This unprecedented formula will be exciting and full of emotions. Our players and the coaching staff, who will be back in training next Monday, will do everything, with the talent and professionalism they are renowned for, in order to be ready for the start of August and the European challenge that awaits them."
PSG are one of four teams, along with RB Leipzig, Atletico Madrid and Atalanta, that have confirmed their place in the last eight already.
Real Madrid and Manchester City, Lyon and Juventus, Napoli and Barcelona, and Chelsea and Bayern Munich must still play the second legs of their last-16 encounters.
The quarter-finals, which will take place from August 12, and the semi-finals will only be one-leg affairs rather than two matches.
The cancelling of the Ligue 1 season because of the COVID-19 pandemic means PSG - who were awarded the domestic title on a points-per-game basis - will have gone five months without playing a competitive game when they play their quarter-final.