In the other semi-final match, Real Sociedad will take on Real Mallorca in a two-legged tie.
Athletic Bilbao secured a thrilling 4-2 victory over Spanish champions Barcelona in the quarter-finals, after extra time, at San Mames. The club has won the Copa del Rey 23 times, with their last triumph dating back to 1984. However, they have been runners-up on six occasions since then.
Atletico Madrid, on the other hand, eliminated rivals Real Madrid, the current cup holders, and narrowly overcame Sevilla to make it to the final four. Their most recent Copa del Rey victory came in 2013.
The first legs of the semi-finals are scheduled to take place in the week beginning February 5, while the return fixtures will occur in the week beginning February 26.
Atletico defender Mario Hermoso expressed excitement about the upcoming matches, anticipating a tough and intense encounter. Athletic midfielder Ander Herrera acknowledged that Atletico Madrid is a strong team capable of winning trophies and emphasized the challenges they will face.
The Copa del Rey final is set to be held on April 6 at the La Cartuja stadium in Sevilla.