Madrid, meanwhile, overturned a 2-0 first leg deficit against Wolfsburg courtesy of a Cristiano Ronaldo hat-trick to advance to the last four of the competition for the sixth consecutive season.
In 1974, Bayern lifted their first European Cup after beating Atletico Madrid in Brussels.
The contrasts do not end there.
Madrid and City have met twice before, with Los Blancos winning once and drawing the remaining game when they were paired in the group stages of the competition in 2012-13.
Pellegrini was manager at Real Madrid from 2009 to 2010, during which time the likes of Ronaldo was bought from Manchester United for £80m, along with Karim Benzema and Xabi Alonso.
The first legs of the semifinals will be played on April 26 and 27.
“But the most important thing was that we didn’t win a title but in Real Madrid it’s very hard – 75 per cent of supporters wanted me to stay”. They had shown their ability to defend, but they don’t score too many.
Emilio Butragueno, Real’s director of institutional relations, said City would be very motivated given they had never made the last-four before.
“The motivation is to win the tie”.
Pellegrini said City, the least fancied side left in the tournament, can cause a major upset by knocking out the Spanish giants to reach the final. City lost 2-3 at the Bernabeu.
Both City and Real will feel as though they have got “the best possible draw“, says the Daily Telegraph. The youngster has impressed in his debut season with Manchester City.
“For me it is a privilege to represent Atletico Madrid and their fans in a Champions League semi-final against a club like Bayern Munich”, he told reporters.
Reigning champion Sevilla will meet Shakhtar Donetsk in the other tie, with the Spanish La Liga side out to win the trophy for a third consecutive year and a record fifth time overall.