Real Madrid will take on city rivals Atletico Madrid in the Champions League semi-finals, with Monaco facing Juventus.
The draw at UEFA headquarters in Nyon means the Madrid rivals cannot contest a third final in four years after Real's victories in 2014 and last year.
Instead Zinedine Zidane and Diego Simeone will do battle in the last four, with the first leg at the Bernabeu and the second across town at the Vicente Calderon.
Monaco will be at home for the first leg of their semi-final against Juve, the 2015 runners-up, and the winners of that tie will be designated the 'home' team for the final in Cardiff on June 3.
Monaco last reached the final of the competition in 2004, when they were beaten 3-0 by Jose Mourinho's Porto side.
Semi-final draw
Real Madrid v Atletico Madrid (first leg May 2, second leg May 10)
Monaco v Juventus (first leg May 3, second leg May 9)