A repeat of the 2014 Champions League final between Real Madrid and Atletico Madrid is still possible after today's semi-final draw.
Real, who won that game 4-1 after extra-time, will play first-time semi-finalists Manchester City, with the first leg in north-west England.
Atletico, who beat holders Barcelona in the last eight, host Bayern Munich in their first leg.
Bayern manager Pep Guardiola misses what would have been a difficult semi-final for him personally against City, the Premier League side he will take charge of next season.
"It's a great tie against the team that has won the competition the most times," Txiki Begiristain, Manchester City's sporting director, told reporters.
"But we have got this far and we want to keep dreaming.
"I think that Madrid are the favourites. They have been in the semi-finals 27 times, six in a row. But Paris (St Germain) were also a great team and we were able to knock them out."
Real, record 10-times champions, are unbeaten in their last eight games against English clubs. Their only previous tie against City came in 2012 when the Spanish side won 3-2 at home before drawing 1-1 in Manchester.
For Cristiano Ronaldo, who scored a hat-trick to win the quarter-final against Vfl Wolfsburg, it will be another return to Manchester, where he spent six years with United before moving to Spain in 2009.
The Madrid manager at that time was Manuel Pellegrini, now in charge at City until Guardiola replaces him.
The Chilean was sacked by Real after only one season but denied that would be any extra motivation.
City will host Real on April 26th and Atletico face Bayern the following evening.
The final is in Milan on May 28th.
Meanwhile holders Sevilla have been drawn against Shakhtar Donetsk in the semi-finals of the Europa League, with Villarreal meeting Liverpool in the other tie.
The draw keeps alive the chance of an all-Spanish final as in 2012 when Atletico Madrid defeated Bilbao 3-0.