Uefa Champions League semi-final draw - Manchester City v Real Madrid, Atletico Madrid v Bayern Munich

So, in summary, Manchester City will face the ten-times European Cup winners Real Madrid in the first of the semi-finals.

The second semi-final sees Diego Simeone's Atletico Madrid side take on Pep Guardiola's strong-looking Bayern Munich team.

It goes without saying that both semis promise to provide great entertainment.

That's all for our Champions League live blog, but be sure to come back to IBTimes UK in a little while for the similarly intriguing Europa League draw, which features Liverpool.

It has been confirmed, too, that Manchester City or Real Madrid - the winner of Semi-Final One - will be considered the 'home' team in the final in Milan.

Breaking news:

Semi-Final One: Manchester City vs Real Madrid

Semi-Final Two: Atletico Madrid vs Bayern Munich

The guys at Uefa are managing to drag this out a bit, with Stankovic giving his memories of his past successes.

Time to get on with the real business at hand, I think... and here we go.

Here we go, then.

To help with the draw, Dejan Stanković - a former Champions League winner himself in 2010 - walks on to the stage.

The assembled audience are now being 'treated' to a short video of the four semi-finalists.

Thereafter, Giorgio Marchetti - Uefa's Director of Competitions - is scheduled to come on to the stage to conduct the draw itself.

The event is being conducted by Pedro Pinto, the Chief of Communications and Media for UEFA.

He says: "Four excellent teams have made it to the penultimate stage of the competition after some thrilling quarter-final games over the last couple of weeks. The excitement is growing as we get closer to the final which takes place on 28 May."

Anyway, the pre-draw proceedings have begun, with the Mayor of Milan delivering a speech before the names are draw.

There are sure to be a few nerves among the many officials who have gathered in Nyon, Switzerland.

Thankfully, they do not have too much longer to wait...

This year's final is being held in the grand surroundings of the San Siro, one of the world's most famous football stadiums.

It fits some 80,000 fans and on the last occasion it hosted the final, in 2001, Bayern Munich lifted the Champions League.

A good omen for Pep Guardiola, perhaps?

Right, not long to wait until the draw gets under way now. Regardless of how things fall, we are sure to have two cracking ties to enjoy.

And with Barcelona having fallen by the wayside, there is a sense that any of these four teams are now capable of lifting the trophy in Milan.

Another manager desperate to win the Champions League will be Zinedine Zidane, who won the trophy with Madrid as a player and is trying to achieve the same feat as their manager.

Victory in Europe will go some way towards dismissing the doubts that have surrounded the Frenchman ever since he was appointed earlier this year.

This stage of the draw is uncharted territory for Manchester City, who are seeking their first-ever Champions League triumph.

For City boss Manuel Pellegrini, there would be no better way to depart the club than with Europe's most coveted trophy on his CV.

There are some potentially fascinating clashes in prospect, including a Madrid derby and Pep Guardiola facing the team he is soon to join, Manchester City.

Here is a reminder of the key dates:

• Semi-final first leg – Tuesday 26 and Wednesday 27 of April
• Semi-final second leg – Tuesday 3 and Wednesday 4 of May
• Final – 28 May

This semi-final draw has been given a bit of extra spice by virtue of Barcelona's elimination earlier this week, which has opened the competition up a bit.

There is, of course, English interest in the shape of Manchester City, while the city of Madrid provides two of the four semi-finalists.

The other team left in the tournament is Pep Guardiola's Bayern Munich side, who are seeking more European glory.

And then there were four. Manchester City, Real Madrid, Atletico Madrid and Bayern Munich will learn their Champions League semi-final fate on Friday 15 April in Nyon, Switzerland. IBTimes UK will be bringing you live coverage of the draw over the next hour or so.