Bayern Munich will face Barcelona in the semi-finals of the Champions League, while Real Madrid have been paired with Borussia Dortmund.
Bayern, who defeated Juventus 4-0 on aggregate in the quarter-finals, have claimed the continent's top prize on five previous occasions and are desperate to atone for defeat in last year's tournament decider at home to Chelsea.
Barcelona, semi-finalists for the sixth year in succession, are seeking their third Champions League title in five seasons, having gotten past Paris Saint-Germain 3-3 on aggregate, progressing courtesy of the away goals rule.
Barca's fierce rivals Madrid are bidding for a 10th European Cup, while their coach Jose Mourinho is hoping to became the first manager to lift the trophy with three different clubs, having previously prevailed with Porto and Inter.
Madrid defeated Galatasaray 5-3 on aggregate to reach the last four.
Dortmund, having advanced at the expense of Malaga thanks to a thrilling 3-2 victory last week, have made just one previous appearance in the final, in 1997, when they upset Juventus in Munich.
Juergen Klopp's team had the better of Real in their two meetings in the group stages earlier this season, winning 2-1 at home and drawing 2-2 in Madrid.
The first legs will be played on April 23 and 24, with the return fixtures to come on April 30 and May 1.
The final, meanwhile, will take place at London's Wembley Stadium on May 25.
The draw for the Europa League semi-finals also took place in Nyon on Friday, with Chelsea up against Basel and Fenerbahce to meet Benfica.