Holders Real Madrid will face rivals Atletico Madrid in the semi-finals of the Champions League – a repeat of last year’s final.
Zinedine Zidane’s side could become the first club to retain the trophy in the Champions League era in the final on 3 June in Cardiff.
French side Monaco take on Italian club Juventus in the other last-four tie.
The first legs will be played on 2 and 3 May, with the return legs taking place the following week.
Real, aiming to win Europe’s premier club competition for a 12th time, beat German champions Bayern Munich 6-3 on aggregate to reach the last four.
Atletico Madrid, meanwhile, ended Premier League champions Leicester’s fairytale run in Europe, edging the Foxes 2-1 over two legs.
Juventus claimed an impressive 3-0 aggregate win over Barcelona while Monaco defeated Borussia Dortmund 6-3..
The Europa League draw – featuring English side Manchester United – takes place at 12:00 BST.
The official result of the #UCLdraw!
Who will reach the final? pic.twitter.com/ctmsrrB8ip
— Champions League (@ChampionsLeague) April 21, 2017
?? Monaco or Juventus ?? v ?? Real Madrid or Atlético ??#UCLdraw
— Champions League (@ChampionsLeague) April 21, 2017
