Pep Guardiola's side smashed Sporting Lisbon 5-0 on aggregate in the last 16 while the La Liga champions stunned the Red Devils 2-1 last month.
City warmed up for their quarter-final showdown with a 2-0 win away at Burnley at Saturday.
However, the Premier League leaders could have an eye on their top of the table showdown with rivals Liverpool next weekend.
Man City v Atletico Madrid: Date and time
This Champions League clash will take place on Tuesday, April 4.
The quarter-final first-leg at the Etihad will kick-off at 8pm.
Despite an inconsistent season, Atleti have hit form at the right time as they secured a 4-1 victory over Alaves last weekend.
Man City v Sporting Lisbon: Live stream and TV Channel
This match will be broadcast live on BT Sport 2 with live coverage starting from 7pm.
BT Sport customers can live stream this via the app using their mobile, tablet or computer devices.
To tune in to talkSPORT or talkSPORT 2, click HERE for the live stream.
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Man City v Atletico Madrid: Team news
The hosts will once again be without Kyle Walker as he serves the final game of his three-match ban.
Ruben Dias is not yet ready to return from his hamstring injury while academy graduate Cole Palmer is the only other absentee for City.
Atleti, meanwhile, are also dealing with a suspended player as Yannick Carrasco joins Walker in watching a final European game from the sidelines.
Koke and Angel Correa are back from domestic bans but MLS-bound Hector Herrera is struggling with a thigh problem.
Man City v Atletico Madrid: What has been said?
Bernardo Silva: "It's difficult to say who are the favourites in this competition. Look at the last few years we were favourites against Chelsea and we lost.
"We were favourites against Tottenham and we lost. When we played against Lyon, we were beaten. It's not easy.
"It's a team that is so used to playing these types of games.
"They've been to two Champions League finals in the last few years, they're always there in the quarter-finals and semi-finals so I don't think there are any favourites in this game."