Atletico Madrid will face Bayern Munich, while Manchester City will battle Real Madrid for places in the final of the UEFA Champions League.
The semi-final draw was held in Nyon, Switzerland on Friday.
This means Manchester City-bound Bayern manager Pep Guardiola has avoided his future employers, and there is no Madrid derby in the semi-finals.
The semi-finals take place on 26/27 April and 3/4 May.
Atletico Madrid vs Bayern Munich
Manchester City vs Real Madrid
26 April: Man. City v Real Madrid
27 April: Atlético v Bayern
3 May: Bayern v Atlético
4 May: Real Madrid v Man. City