Diego Simeone’s Atletico booked their quarter-final spot by beating Manchester United at Old Trafford on Tuesday.
City, finalists last season and seeking a maiden win in the competition, eased into the last eight by beating Sporting Lisbon 5-0 on aggregate.
Holders Chelsea will play 13-time winners Real Madrid after being paired together at Uefa headquarters in Nyon, with Chelsea having home advantage in the first leg.
The tie will see a Stamford Bridge return for Real’s former Chelsea manager Carlo Ancelotti.
Reigning Europa League champions Villarreal overcame Juventus to punch their ticket to the last eight while Bayern, who have lifted the European Cup on six occasions, thumped Austria's Red Bull Salzburg 8-2 on aggregate.
Benfica progressed following a 3-2 aggregate win over Ajax while Liverpool, who last won the competition in 2019, saw off Inter Milan.
The first team drawn in each fixture play their home match first with the first legs on April 5 and 6 before the second legs on April 12 and 13
The semi-finals will have the first legs on April 26 and 27 and the second legs on May 3 and 4 .
The Stade de France in Paris will host the final on Saturday, 28 May after it was moved from St Petersburg after Russia's invasion of Ukraine.
- Chelsea v Real Madrid
- Manchester City v Atletico Madrid
- Villarreal v Bayern Munich
- Benfica v Liverpool
- Man City/Atletico v Chelsea/Real Madrid
- Benfica/Liverpool v Villarreal v Bayern Munich