The winner of the tie will face Chelsea in the Champions League final on May 19 after the Blues defeated Barcelona 3-2 on aggregate, claiming a 2-2 draw in Spain on Tuesday.
The facts point to a Madrid win tonight, with the Spanish outfit boasting a 100% home record in European matches this season.
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So there we have it. It is Bayern Munich who will contest the Champions League final with Chelsea on May 19. It was Madrid who started the match with a bang, but Bayern were so impressive in their comeback and secured the win on penalties. What a game, what a competition. Our full report of the match can be found here. Thanks for joining Sports Mole for the coverage.
5. Bayern Munich: GOAL! Schweinsteiger scores and sends Bayern into the final!
4. Real Madrid: MISS! Ramos shoots straight over the bar!
4. Bayern Munich: SAVE! Casillas denies Lahm!
3. Real Madrid: GOAL! Alonso scores for Madrid!
3. Bayern Munich: SAVE! Casillas saves Kroos! 2-0 to Bayern as it stands!
2. Real Madrid: SAVE! Kaka is denied by Neuer!
2. Bayern Munich: GOAL! Gomez scores for Bayern!
1. Real Madrid: SAVE! Ronaldo is denied by Neuer!
1. Bayern Munich: GOAL! Alaba scores for Bayern!
Penalties to follow:
FULL-TIME EXTRA-TIME: Real Madrid 2(3)-1(3) Bayern Munich. The match heads to penalties.
28 min: Both teams have certainly settled for the shootout - we are just moments away.
25 min: Controversy late on as Granero tumbles in the area, but he is booked for diving.
25 min: It's Bayern on the attack with little over five minutes of the match remaining. We are almost certainly heading for penalties.
22 min: Chance for Kaka as he advances into the area, but Boateng produces the block and clears the danger.
21 min: Change for Madrid as Esteban Granero is introduced in the place of Ozil.
18 min: Chance for Ronaldo as he advances on goal, but he slices his effort wide of the target.
17 min: It's Madrid with the early possession. Will we see a goal in the last 15 minutes of this semi-final?
16 min: Change for Madrid as Gonzalo Higuain comes on in place of Benzema.
HALF-TIME EXTRA-TIME: Real Madrid 2(3)-1(3) Bayern Munich
14 min: I think it would be difficult to argue that the German side have again looked the more likely to open the scoring, with Gomez a real threat.
12 min: Not a great deal happening for either side as we approach the end of the half. It seems that both sides have accepted penalties.
9 min: Chance for Ronaldo as he finds himself unmarked on the edge of the box, but he connects with air rather than ball.
8 min: It's nice feet from Kaka as the Brazilian attempts to feed Marcelo, but the Bayern defence clears the danger.
6 min: No real chances for either side in this extra-time period thus far. Are we heading for the dreaded penalty shootout?
5 min: Change for Bayern as Thomas Muller is introduced in place of Ribery.
2 min: Bayern have started the additional time much as they finished normal time, in control of the ball.
1 min: So here we go then, it's time to make yourself a hero.
So there we have it, Real Madrid and Bayern Munich will play an extra 30 minutes of football to determine who will advance into the Champions League final. In truth, the second period has provided very little action, but it must be stated that the German side have looked the team most likely.
After 90 minutes: Real Madrid 2(3)-1(3) Bayern Munich
90 min: We will play an additional two minutes at the end of the half as the score stands at Real Madrid 2(3)-1(3) Bayern Munich.
88 min: Controversy here as Pepe rolls on the ground, with replays suggesting that Ribery might have caught the big defender, albeit with little contact.
86 min: Golden opportunity to win it for Bayern as Robben feeds Gomez in the area, but somehow Sergio Ramos produces a telling block. What a chance.
85 min: More possession work from the German outfit as the last five minutes approach. They really have been so impressive this evening.
83 min: Bayern happy to keep possession as the minutes tick away. Madrid just cannot keep the ball.
81 min: It's Bayern who are attacking in the latter stages of the match, with Robben a constant danger.
78 min: Glorious chance for Madrid as Benzema eludes Badstuber, but Jerome Boateng is on hand to clear the danger for a corner.
75 min: Change for Madrid as Di Maria is replaced by Kaka.
75 min: In truth, little has happened in this second period thus far, with both teams wary of the threat the other side pose.
72 min: Another free kick from Ronaldo comes to nothing as he strikes over the bar. As it stands, we are heading for another 30 minutes of football at the end of the half.
69 min: It's a fine effort from Ronaldo as he strikes a free kick from distance, but Neuer gathers possession of the ball. Benzema might have added a goal of his own from the resulting attack, but he struck over.
66 min: Glorious chance for Bayern as Robben advances on goal, but Casillas gathers the ball at the Dutchman's feet.
65 min: Ozil again gives possession away for Madrid and it would not be a surprise to see him withdrawn in the minutes ahead, with the La Liga outfit struggling for ideas in attack.
63 min: It's good defending from Madrid as Pepe and Marcelo both deny Robben and Toni Kroos in advanced positions.
60 min: I think a lot of people thought this would be an easy match for the Spanish outfit, but Bayern have proved what a really top side they are this evening, as they continue to probe.
59 min: It's nice work from Ronaldo as he buys a corner from Lahm, but Ribery is on hand to clear the danger.
56 min: Madrid are certainly beginning to enjoy more of the ball as we approach the hour mark, and Benzema so nearly adds their third, but Neuer makes a smart save.
54 min: Bayern are still controlling possession in the early stages of the second period, with Madrid's danger men starved of the ball thus far.
51 min: It's sloppy from Khedira as he gives possession back to Bayern. Madrid have yet to find their passing range in this second period.
50 min: Bayern have arguably been the better side since falling 2-0 behind, they look a real threat with the pace of Robben and Ribery.
48 min: Wonderful chance for Bayern as Philipp Lahm searches out Gomez in the box, but his header is just wide of the target.
46 min: Chance for Madrid barely a minute into the second period as Benzema flashes a cross into the box, but it just eludes Ronaldo.
46 min: We are underway in the second period here in Spain. Surely the next 45 minutes cannot be as eventful as the first? As it stands, we are heading for extra time.
So there we have it. A wonderful first half of football is brought to a close with Real Madrid leading Bayern Munich 2-1. Madrid certainly started the tie the better, with Ronaldo's double moving them into a 2-0 lead. Bayern improved as the half developed, however, with Robben's penalty leaving the score locked at 3-3 on aggregate. Our report of the opening half of football can be found here.
HALF-TIME: Real Madrid 2-1 Bayern Munich
45 min: Robben's free kick is curled around the wall, but Casillas is on hand to make the save.
45 min: Bayern have a free kick right on the stroke of the interval as Robben is felled by Pepe.
42 min: Chance for Gomez as Robben finds the striker in the box, but Pepe steps across to clear the danger.
42 min: It's really nice possession play by Bayern in midfield, with Bastian Schweinsteiger the essence of calm. He really is a lovely lovely footballer.
41 min: The match has certainly calmed since the crazy first 30 minutes of football, but still both sides look dangerous on the attack.
38 min: You have to admire the way Bayern have pulled themselves back into this contest, as Robben fires over from distance.
37 min: Ronaldo's effort is on target, but it is collected fairly comfortably by Neuer in the Bayern goal.
36 min: It's a free kick to Madrid in a dangerous position as Di Maria is felled by Luis Gustavo.
35 min: I'm struggling to think of a more exciting half of football in recent years than what we are witnessing this evening.
34 min: It's Bayern with possession of the ball as the half approaches its latter stages, and Gomez so nearly makes it 2-2, but he is denied by Iker Casillas.
31 min: Wonderful chance for Madrid as Benzema advances on goal, but his effort is just wide of the post. It's really nice work from the French forward.
30 min: What an opening 30 minutes of football we have witnessed this evening. As it stands, the match would advance to extra time.
Robben cuts the score to 2-1 on the night with a cool penalty into the corner - there will again be questions raised about the award, however, with Gomez tumbling in the area under little contact.
27 min: GOAL! Real Madrid 2-1 Bayern Munich (Robben)
26 min: Penalty to Bayern as Gomez is felled in the area by Pepe.
26 min: It might have been three for Madrid as Ronaldo advances into the box, but Benzema is denied by Neuer.
24 min: Bayern are without question still in this semi-final tie, as Robben releases Gomez with a searching pass, but he is dispossessed by Marcelo.
22 min: We haven't seen much of Mario Gomez in these early stages. If Bayern are to mount a challenge, he will certainly have a say.
20 min: Chance for Bayern as Holger Badstuber finds himself free in the box, but his header is wide of the target.
20 min: It's Madrid who continue to flood forward with Di Maria and Ronaldo looking ever so dangerous. Bayern should certainly not be written off, however, as they advance forward through Robben.
17 min: I don't think Bayern know what have hit them in the early stages of this encounter. Madrid just look so dangerous.
He's done it again. Ronaldo sends Madrid into a 2-0 lead after a glorious pass from Ozil. Lionel Messi stumbled last night, while Ronaldo is making his mark this evening.
14 min: GOAL! Real Madrid 2-0 Bayern Munich (Ronaldo)
14 min: Bayern have certainly responded since they have fallen behind, but with the pace of Ronaldo, you can quite easily see the Bundesliga outfit being exploited as they drive forward.
12 min: It's more good work from Di Maria as he searches out Karim Benzema, but the Frenchman just cannot gather the ball. Bayern advance straight down the other end, but Khedira denies Franck Ribery with a wonderful challenge.
10 min: What a start to this match. Madrid have really begun with a purpose, can Bayern respond against the odds?
8 min: Glorious chance for Arjen Robben after the Dutchman had been found by Alaba, but somehow the Bayern man fires over from close range. A quite incredible miss.
Cristiano Ronaldo sents Madrid into a 1-0 lead from the spot much to the delight of the home crowd. However, there will certainly be questions raised about the award of the penalty.
6 min: GOAL! Real Madrid 1-0 Bayern Munich (Ronaldo)
5 min: Penalty to Madrid as David Alaba handballs in the area - it's a harsh one.
3 min: Chance for Madrid as Angel Di Maria finds Sami Khedira in the box, but the German can only find the hands of Manuel Neuer.
2 min: It's Madrid who have gained control of the ball in the early stages, with Mesut Ozil a particular threat to the German defence.
01 min: We are underway this evening, with Bayern gaining early possession of the ball.
00 min: Both sets of players are emerging from the tunnel. What an occasion we have on our hands on this glorious evening in Madrid.