The semi-final draw also took place on Friday, with Liverpool and Chelsea set to meet in the last four should both progress, while City could play Bayern or PSG for a place in the final.
Of the three English sides remaining, Liverpool arguably have the toughest draw against Spanish champions Real, who beat Jurgen Klopp’s side 3-1 three years ago in Kiev.
Liverpool overcame RB Leipzig 4-0 on aggregate to reach the quarters this time around, and speaking before the draw, Klopp said he is hoping to regain momentum in the Premier League to help their Champions League bid.
After beating Atletico Madrid 3-0 on aggregate in the last 16, Chelsea take on Portuguese champions Porto, who stunned Juventus in the previous round to progress.
Chelsea boss Thomas Tuchel believes his new-look Chelsea boast the “edge and glue” to become genuine Champions League title contenders.
A potential semi-final meeting between Chelsea and Liverpool would see the two sides renew their Champions League rivalry.
Liverpool and Chelsea last met in the Champions League in 2009, having played one another in five consecutive seasons from 2004-05 – at the semi-final stage three times, the quarter-final once and also in the group stages in 2005-06.
The two sides also played in the 2019 UEFA Super Cup, with Liverpool winning 5-4 on penalties following a 2-2 draw after extra time.
Meanwhile, City continue their pursuit for the ‘Quadruple’ against another Bundesliga side in Dortmund after beating Borussia Monchengladbach 4-0 on aggregate.
City have exited at the quarter-final stage the past three seasons, and head coach Pep Guardiola is not looking too far ahead with the Premier League leaders first taking on Everton in the FA Cup quarter-finals this weekend before playing Leicester