Jupp Heynckes, who lifted the trophy with Real in 1998 and with 2013 treble winners Bayern, a year after finishing runners-up to English Premier League outfit Chelsea, has reached the final in all three of his previous seasons as a coach in the Champions League.
German Champions Bayern Munich played out a goaless draw with Sevilla at the Allianz Arena but qualified following with a 2-1 first leg win in Spain.
Roma produced one of the most remarkable comebacks in Champions League history to knock out Lionel Messi's Barcelona with a 3-0 victory in the Italian capital that gave them an unexpected win on away goals over the two legs.
The Giallorossi enjoyed a stunning win of their own against Barcelona, overturning a 4-1 first leg deficit to win 3-0 on Tuesday. They are a club, like Liverpool, who have punched above their weight with good acquisitions and a bright manager.
"If anybody thinks this is the easiest draw then I cannot help this person", said Liverpool boss Jurgen Klopp."They obviously didn't see both games against Barcelona".
The second leg was outstanding, it was outstanding what they did. Bayern won 4-2. Picture: AFP.
We almost hit what's known as Peak Sergio Ramos amid the madness this week, as the Real Madrid almost managed to get himself being suspended for the Champions League semi-final in spite of the fact he wasn't playing at all. The atmosphere is always important, of course. For now Zinedine Zidane just seems to live a charmed life in the competition. Whichever opponent we would have got, I would have said there is a chance because it is football - so there is a chance against Roma.
The night was also significant as it represented Gerard Houllier's return after missing five months due to heart surgery. "It'll be great", he added.
The North London club's only European semi-final tie against Spanish opposition came in the 2005/06 Champions League tournament when they defeated Villarreal.
The encounter will be Arsenal's first ever competitive meeting with Atlético Madrid.
There's no clear favorite here, but the edge has to go to Liverpool and it's dynamic attack.