The final is in Lyon, France on Wednesday, 16 May, with the victor guaranteed a spot in next season's Champions League.
Spanish football expert Balague believes that Bayern Munich are the current favourites to win the Champions League this season and warned Liverpool FC not to underestimate the threat posed by AS Roma in the last four.
Marseille staged a thrilling fightback to see off RB Leipzig 5-2 at home for a 5-3 aggregate victory, while Atletico Madrid also squeaked through 2-1 on aggregate despite losing 0-1 away to Sporting Lisbon.
The first legs will be played on April 26, with the second legs on May 3.
The draw for the UEFA Europa League's semi-final was held in the Swiss city of Nyon on Friday.
The tie will mark a first European semi-final in nine years for Arsenal and they will be hoping for another year of silverware success after a disappointing domestic campaign.
He added: "We live with the reality and that is the Europa League".
Arsenal reached the last four after surviving a scare against CSKA Moscow in Thursday's quarter-final second leg in the Russian capital.
Atletico progressed from their quarter-final 2-1 on aggregate against the Portuguese side, but former Chelsea striker Costa left the field in the 52nd minute.
Meanwhile, French Ligue 1 side, Olympique Marseille were drawn to battle Red Bull Salzburg of Austria for a spot in the final.
Marseille will host underdog Salzburg in the first leg of the other semifinal.
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