Real have defeated their city rivals in two of the past three finals of the competition, and Diego Simeone's men will be keen to exact revenge having twice gone so closer to continental glory against all the odds.
Zinedine Zidane, meanwhile, is looking to take another step towards a league and Champions League double having already won the European title during his debut campaign.
|Game||Real Madrid vs Atletico Madrid|
|Date||Tuesday, May 2, 2017|
|Time||19:45 GMT, 14:45 ET|
TV CHANNEL & LIVE STREAM
In the UK, the match will be available to watch live on television on BT Sport 2 and by stream via the BT Sport app.
|UK TV channel||Online stream|
|BT Sport 2||BT Sport app|
In the US, the match will be available to watch live on television on FS1 and by stream via Fox Soccer 2Go.
|US TV channel||Online stream|
|FS1||Fox Soccer 2Go|
SQUADS & TEAM NEWS
|Position||Real Madrid players|
|Goalkeepers||Navas, Casilla, Yanez|
|Defenders||Carvajal, Ramos, Varane, Nacho, Marcelo, Danilo|
|Midfielders||Kroos, James, Casemiro, Kovacic, Modric, Asensio, Isco|
|Forwards||Ronaldo, Benzema, Vazquez, Mariano, Morata|
Real remain without Gareth Bale, who is not expected to recover from a calf injury in time to feature in the second leg. Pepe is also out with broken ribs but Raphael Varane could be in line to return to the lineup.
Isco is most likely to benefit from Bale's absence and play behind Cristiano Ronaldo and Karim Benzema in a 4-3-1-2 formation, while Marco Asensio and Alvaro Morata may also be considered for a starting place due to the Frenchman's indifferent form.
Potential starting XI: Navas; Carvajal, Ramos, Varane, Marcelo; Modric, Casemiro, Kroos; Isco; Benzema, Ronaldo.
|Position||Atletico Madrid players|
|Defenders||Godin, Filipe Luis, Savic, Lucas, Rodriguez|
|Midfielders||Tiago, Koke, Saul, Carrasco, Gabi, Thomas, Gaitan|
|Forwards||Griezmann, Torres, Correa, Gameiro|
Atletico are without right-backs Sime Vrsaljko and Juanfran as well as Jose Gimenez, who has also filled in at that position, meaning Lucas Hernandez is likely to have to deputise here.
They could line up similarly to their last-16 first leg at Bayer Leverkusen, with Saul tucking in from the right to form a midfield three and Yannick Carrasco, who has been passed fit after a collarbone injury, supporting Antoine Griezmann and Kevin Gameiro in attack.
Potential starting XI: Oblak; Lucas, Godin, Savic, Filipe Luis; Saul, Gabi, Koke, Carrasco; Griezmann, Gameiro.
BETTING & GAME ODDS
Real Madrid are 5/6 favourites to win at home, according to Oddschecker, with Atletico available at 9/2 and the draw priced at 27/10.
Cristiano Ronaldo is the 7/2 favourite to score first, with Alvaro Morata priced at 5/1 and Antoine Griezmann the top Atletico choice at 7/1.
It's fair to say Atletico Madrid will probably be most neutrals' choice in this match.
That is nothing against Real Madrid, who once again have advanced to European football's final four and have been Spain's - and perhaps the whole continent's - dominant team over the past 12 months.
They are in pole position to win La Liga and it would be a remarkable start to Zinedine Zidane's top-level coaching career if he could follow up the rescue mission of last season that ended in Champions League glory with the two trophies Real prize most in his first full campaign at the helm.
But while Zidane is threatening to bring another golden era to the Santiago Bernabeu, Diego Simeone has worked miracles a few miles south at the Vicente Calderon.
When the Argentine took charge, just a single season like the one in which they won the Spanish title in 2013-14 seemed inconceivable in the Cristiano Ronaldo-Lionel Messi era, but three years on they remain at the summit of European football.
They have been so close, on two occasions, to its top prize only to be thwarted by their rivals, but may be happier to face them over two legs on this occasion and complete the tie in front of their own fans.
Few would be disappointed to see them defy the odds once again.