The Blues will play the first leg at home on 26 April.
The return leg will be on 4 May at the Santiago Bernabéu with the winners facing either Atletico Madrid or Bayern Munich on 28 May at the San Siro, Milan.
Whoever triumphs from City’s tie will be deemed the home team in the final.
Manuel Pellegrini, of course, managed Real Madrid in 2009/10 and signed Cristiano Ronaldo and Karim Benzema for a combined fee of £110m.
The Blues’ boss oversaw a record points haul for Madrid during his year in charge but was unfortunate to find Barcelona in equally irresistible form with the Catalans accumulating 99 points. The Chilean was replaced by Jose Mourinho before taking over Malaga.
City’s Director of Football Txiki Begiristain said: “We know how many times Real Madrid have won the Champions League and been in numerous semi-finals so it is going to be very difficult.
“We saw how they came back in the quarter-finals against Wolfsburg, recovering from 2-0 down to win the second leg 3-0. Probably the worst thing for us is playing the second leg at the Bernabéu which is a huge stadium with a lot of history in this competition.
“We have been doing good things in the previous rounds, particularly in the Round of 16 and quarter-final where we have been solid and defended well and we know with the players we have in the final third that we can create a lot of chances.
“We are confident and we will aim to make it very difficult for Real Madrid over the two legs; we want to get to the final in Milan and we know we can do this.”
Ticket details will be announced shortly...
