Real Madrid and defending champions FC Bayern Munich are set for a titanic UEFA Champions League semi-final after being drawn to face one another in the live draw on Friday.

Two teams with arguably the most exciting squads in world football will face off for a place in the final, where they will face either Atletico Madrid or Chelsea – who were paired together in the second semi-final.

Madrid will host the first-leg before travelling to Germany while Atletico will be at home to the Blues before having to go to London to try and finish the job.

Chelsea progressed to the semi-final stage via the away goals rule following a tense battle with French champions Paris Saint-Germain which ended 3-3 on aggregate. PSG had won 3-1 at home but a 2-0 victory for the Blues in London secured their progress.

Real Madrid had to endure a nervy away leg match against Borussia Dortmund, where they lost 2-0, but their slick home performance proved to be enough as they slipped through with a 3-2 aggregate win.

Atletico Madrid, who have been in hot form and currently top the La Liga table, surprised Barcelona with impressive performances home and away. Atleti drew 1-1 at the Camp Nou, before a 1-0 home win in the second leg saw them through.

Defending champions Bayern Munich found it hard to break down an organised Manchester United but their persistence was rewarded as they won their second-leg clash 3-1 at the Allianz Arena to progress 4-2 on aggregate.

The 'home' team at the Estadio do Sport Lisboa e Benfica for the final, which takes place on Saturday 24 May 2014, will be either Real Madrid or Bayern Munich.

The full draw is as follows:

SF 1: Real Madrid v FC Bayern Munich

SF 2: Atletico Madrid v Chelsea

The semi-final first-leg matches will be played on 22/23 April 2014, with the return matches set to be played on 29/30 April 2014.