Defeat would leave Los Blancos facing a barren, disappointing campaign, yet victory could propel them towards a second successful defence of their title.
PSG have spent an extraordinary amount of money in order to achieve success in Europe, and they will be hoping to get past the quarter-finals for the first time ever.
Los Blancos are unbeaten in 17 European games at the Bernabeu and dabblebet price them as slight favourites at 11/8 (2.38) to record another success.
The hosts have Dani Carvajal suspended, but otherwise Zidane has a fully fit squad from which to chose.
PSG arrive in the Spanish capital without Thiago Motta as the veteran midfielder is out injured.
Layvin Kurzawa and Edinson Cavani both missed Saturday's league game, although coach Unai Emery has hinted they could be fit for Wednesday.
Plenty of final third action
The attacking talent on display at the Bernabeu should ensure goals at both ends, not least because of the respective sides' defensive records.
Real Madrid in particular have looked vulnerable defensively this season, keeping just one clean sheet in their last nine matches in all competitions and only holding APOEL - both home and away - in the group stage.
PSG will certainly feel they can claim an away goal, but they were beaten 3-1 at Bayern Munich in their toughest away game of the season and doubts remain about their effectiveness as a defensive unit.