The Premier League side line up against the tournament’s most successful team in their first-ever semi-final, while Diego Simeone faces off against Pep Guardiola
Friday’s draw in Nyon means City manager Manuel Pellegrini will take on his former team, having coached Madrid in 2009-10.
Madrid – who saw off Wolfsburg in the last round – made it to the final four in 2014-15, but Juventus eventually proved to too strong. They last won the competition in 2013-14, beating Atletico 4-1 after extra time for their 10th European Cup win.
Manchester City, meanwhile, are the rookies in the semi-finals, having never made it to this stage before. They failed to make it past the round of 16 in 2013-14 and 2014-15, but got the better of Dynamo Kyiv and Paris Saint-Germain to set up a clash with the Spanish giants.
Madrid and City have met twice before, with Los Blancos winning once and drawing the remaining game when they were paired in the group stages of the competition in 2012-13.
The tie between Bayern and Atletico will see Pep Guardiola return to his native country, having enjoyed so much success at Barcelona before his move to the Bundesliga champions.
Guardiola’s side eliminated Benfica on their way to the semi-finals, holding out for a 2-2 draw in the second leg after a 1-0 win at home in the first fixture. They won it in 2012-13 when they beat Borussia Dortmund 2-1, but have failed to get past the final four since.
Atletico, meanwhile, booked their spot in the last four when they beat reigning champions Barcelona 3-2 on aggregate. Diego Simeone’s men crashed out in the quarter-finals last term, losing to Madrid, and have yet to win the Champions League.
Bayern and Atletico’s only previous meeting came in the 1974 final, the Bundesliga side running out 4-0 winners in the replay following an initial 1-1 draw.
City will host Madrid on April 26 and Atletico welcome Bayern to the Vicente Calderon the following day, returning to the Allianz Arena on May 3, with Zinedine Zidane’s side playing at home on May 4.
The final at San Siro is on May 28, kicking off at 20:45CET. The winners of the tie between City and Madrid will be the home team in the final.