The two-legged tie, which will be played over February and March, has been dubbed as one of the biggest matches of the season by a number of pundits.
However, veteran midfielder Giggs has admitted that United are only lending their concentration to the next match, which is a home encounter against Southampton tomorrow night.
"We're not thinking about Madrid really. Everyone was excited when the draw was made but as experienced players you can't look too far ahead," he told the club's official website and PA Sport.
"You want to perform in games and be in good form going into games like that and that's what we intend to do. At the moment we're concentrating on Southampton."
As well as the Champions League, United are also competing for the Premier League title and FA Cup.