Cristiano Ronaldo’s Real will take on the local side on Wednesday.
The other semi-final, on Tuesday, will pitch Pachuca from Mexico against Copa Libertadores winners Gremio of Brazil.
Pachuca, the club champion of the Caribbean and North and Central American region, reached the last four with a hard-won 1-0 victory over Wydad Casablanca after extra time.
The only goal was scored by Victor Guzman in the 112th minute. Wydad played with 10 men from the 69th minute after Brahim Nakach was sent off following a second yellow card.
Gremio, like European champions Real Madrid, have a bye straight to the last four.
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