The Bavarian side were the first name out of the hat in Friday's draw, with Andriy Schevkenko pairing them with 'Los Blancos'.
Bayern reached the semis after seeing off another Spanish side in the form of Sevilla 2-1 over two legs, whilst Real held off a brave comback from Serie A giants Juventus courtesy of a controversial, late penalty from Cristiano Ronaldo.
The first leg will take place at the Allianz Arena on either April 24 or 25, with the reverse fixture set for the Bernabeu on either May 1 or 2.
The pair are currently considered the two favourites to win the competition, but there will only be room for one in the final in Kiev on May 26.
The two sides have met 24 times in European competiton, with the most recent meeting coming last season, when Real Madrid claimed a 6-3 aggregate victory after extra time in the quarter-finals as Ronaldo plundered five of the six goals.
Real have had the better of the German side of late, winning their last five Champions League clashes with Bayern.
James' return provides an interesting sub-plot to the fixture, with the Colombian currenly on loan at Bayern from Real, though he is widely expected to make the move permanent in the summer.
13 April 2018