Champions League draw:
Manchester City vs Real Madrid
Atletico Madrid vs Bayern Munich
Europa League draw:
Shakhtar Donetsk vs Sevilla
Villarreal vs Liverpool
Man City face Real Madrid; Liverpool draw Villarreal
Manchester City will face Real Madrid in the semi-finals of the Champions League, while Liverpool will tackle Villarreal in the semi-finals of the Europa League.
City knocked out Paris St-Germain in the quarter-finals thanks to a goal from Belgian midfielder Kevin de Bruyne which secured a 1-0 victory at the Etihad Stadium and sent the Premier League side through 3-2 on aggregate.
Madrid recovered from a 2-0 first-leg defeat by Wolfsburg to progress to the last four following a hat-trick by former Manchester United forward Cristiano Ronaldo.
City will be at home in the first leg on April 26/27 before heading to the Bernabeu a week later.
The other semi-final will see Atletico Madrid, who knocked out Barcelona, take on Bayern Munich, managed by Pep Guardiola in what will be his final season before taking over at City next season.
Pellegrini was manager at Real Madrid from 2009 to 2010, during which time the likes of Ronaldo was bought from Manchester United for £80m, along with Karim Benzema and Xabi Alonso.
The Chilean, though, was sacked after just one season, and replaced by Jose Mourinho, following early elimination from the Champions League and also losing out on the domestic championship to Barcelona.
City have played Real Madrid in the Champions League group stage of 2012/2013, with the Spanish giants winning 3-2 at home while it finished 1-1 in Manchester.
Bayern and Atletico faced each other in the 1974 European Cup final, which the Germans won 4-0 following a replay.
Liverpool produced a stunning comeback to beat Borussia Dortmund 4-3 at Anfield with a stoppage-time goal from Dejan Lovren which secured a place in Friday’s Europa League draw.
The other semi-final will see holders Sevilla, who are chasing a third successive Europa League title, take on Ukrainian side Shakhtar Donetsk.
The ties will be played on April 28 and May 5, with Liverpool set to host the second leg.
The final is at St Jakob Park in Basel, Switzerland, on May 18, when the winners can claim a place in the Champions League for next season.
Liverpool and Villarreal have never met in Europe. The Spaniards progressed to the semi-finals following a 6-3 aggregate win over Sparta Prague.
Sevilla overcame Athletic Bilbao on penalties to stay on course to become the first side to win the Europa League three times in a row, while Shakhtar secured their place in the semi-finals by beating Braga of Portugal 6-1 over two legs.