Friday's Champions League semi-final draw threw up a meeting of two of the great old foes of the European game and kept alive the possibility of a Madrid derby in the final itself.

Chelsea manager Jose Mourinho might have something to say about that of course, as he leads his side into a last-four clash with Atletico Madrid with his sights set on becoming the first coach to win the European Cup with three different clubs.

As if that were not motivation enough, Mourinho would surely love to create history this year, when the final will be played in his native Portugal, and at the Estadio da Luz in Lisbon, where his managerial career began with Benfica at the start of the last decade.

However, he will know not to underestimate Diego Simeone's Atletico, who ensured that Mourinho's three-year stint in charge of Real Madrid ended in disappointment when they defeated their city rivals in last season's Copa del Rey final at the Santiago Bernabeu.

Mourinho's reputation as a master motivator and tactician is second to none, but Simeone is doing a remarkable job with Atletico, whose budget is modest in comparison to their last-four rivals.

The Argentine led Atleti to a 4-1 win against Chelsea in the final of the UEFA Super Cup at the start of last season, and if the prolific Radamel Falcao, a hat-trick hero in that game, has since moved on, the team have coped just fine without him.

Indeed, their success has been built around defensive solidity, and they have conceded only five goals in 10 Champions League games this season.

Perhaps the main reason for that is Belgian goalkeeper Thibaut Courtois, who is on loan at the Vicente Calderon from Chelsea and looks set to play against his parent club after UEFA ruled any clause in his contract preventing him from facing them was against competition rules.

"Chelsea are the favourites. They have a great team and a great coach," said Atletico midfielder Tiago Mendes, once of Chelsea.

However, Atletico will be driven by the motivation of winning through to a final where they would either face city rivals Real, or a Bayern Munich side who beat them in a replay in their only European Cup final appearance to date, in 1974.

The Pep Guardiola factor adds extra spice to the meeting of Madrid and Bayern, two clubs with 14 European Cups between them.

Bayern, of course, are bidding to become the first club to successfully defend the trophy in the Champions League era, while the Madrid coach Carlo Ancelotti was part of the last side to retain the European Cup, with AC Milan in 1990.

Nevertheless, his opposite number Guardiola will steal much of the limelight when the clubs meet in the first leg at the Santiago Bernabeu on April 23.

The tie is a repeat of the 2012 semi-final, which Bayern won in a dramatic penalty shoot-out after a 3-3 draw on aggregate, and the Bundesliga champions have the historical upper hand in meetings between the sides.

"Bayern could be the favourites, but our objective is to win the Champions League and if we want to win it we have to beat Bayern," said Ancelotti, who has won the trophy a total of four times as a player and a coach and is now leading Madrid in their quest for La Decima, their 10th European Cup.

Guardiola knows all about beating Madrid though, having enjoyed so much success against them while in charge of Barcelona.

His personal rivalry with former Madrid coach Mourinho was at its most intense when Barca beat their most bitter enemies in the 2011 semi-finals, and the notoriously partisan Madrid media will be determined to get one over on the 43 year-old.

"These games are worthy of being the final," said Bayern skipper Philipp Lahm. "You only have one goal when you are in the semi-final - to reach the final at all costs."

Unless he is picked in midfield, as has often been the case this season, Lahm will find himself up against Cristiano Ronaldo in one of many fascinating battles in what will be a thrilling tie.