Friday's Champions League semifinal draw saw Real Madrid placed against rivals Atletico Madrid, while Ligue 1 leaders Monaco face Serie A champions Juventus.
Monaco, after seeing off Borussia Dortmund in the quarter-final, will face Juventus who defeated Barcelona.
The first leg will be played at the Stade Louis II in Monaco on Wednesday, May 3, with the return leg in Turin a week later, when the Bianconeri's 22-match unbeaten run at home in the Champions League will up the ante even further.
The first leg matches will take place on May 2 and 3 while the return leg matches will be played on May 9 and 10.
Los Blancos have progressed past Napoli and Bayern Munich to reach the last four, while Diego Simeone's men have seen off the challenges of Bayer Leverkusen and Leicester City.
Also, the draw at UEFA headquarters in Nyon means the Madrid rivals can not contest a third final in four years after Real's victories in 2014 and last year.
Betting on La Liga? "We lack a bit of experience because it will be the first semi-final for all of our players".
Both sides played a 1-1 draw in the 2016 final of the tournament - but after extra time, Real won 5-3 on penalties.
Emilio Butragueño, former Real Madrid forward and the club's current Director of Institutional Relations said: "We know each other well".
"We feel positive to be here enjoying a semifinal of Champions League for the third time in four years".
The second semi, Juventus will take on Monaco.
Vadim Vasilyev, the French side's vice-president, said they would be motivated by the bitter memories of being turfed out of the competition by the Italians in 2015 in the quarter-finals. "We're better than two years ago, no doubt about it". It won a record-extending 11th title last season.
The French side are full of attacking vim and have hit a staggering 141 goals in all competitions this season.