The Reds progressed to the Paris showpiece with a 5-2 aggregate victory over Villarreal, coming back to win the second leg 3-2 after the Spanish club went 2-0 up on Tuesday.
Pep Guardiola's side already stand between Liverpool and the Premier League title as Jurgen Klopp's men chase an unprecedented quadruple.
A Champions League final showdown would surely mean another epic between the two English sides - but Salah seems more interested in revenge.
The Egyptian, who went off injured early in Liverpool's 2018 Champions League final defeat to Madrid, wants a rematch against the Spanish giants.
"I want to play Madrid," he told BT Sport. "I have to be honest.
"City's a really tough team, we play against them a few times this season. If you ask me personally I would prefer Madrid."
When ex-Liverpool striker Peter Crouch mentioned Salah's 2018 heartbreak, the forward added: "Because we lost in the final before against them.
"So I want to play against them, hopefully win it against them as well."
In Kyiv, in 2018, Real won 3-1 when substitute Gareth Bale scored twice and Karim Benzema scored the other.
Liverpool, though, made amends the following year by winning it with a 2-0 victory over Tottenham.