Holders Real Madrid face Atletico Madrid in the Champions League semi-finals as the city rivals do battle once more and French surprise-package Monaco take on Juventus, following the draw on Friday.
Monaco, who were knocked out by two-time champions Juve in the 1997-98 Champions League semi-finals and in the quarter-finals two years ago, have never won the competition but reached the final in 2004.
Another year and Real Madrid are yet again among the top four teams in Europe.
The semi-final first legs will be played on Tuesday 2 and Wednesday 3 May, with the returns the following week.
Real Madrid beat Atletico in the final in 2014 and 2016.
The 39-year-old Buffon said that Atletico, who would dearly love revenge over Real in the final in Cardiff, might have an edge over the other three teams because they are out of the La Liga title race so can rest players for Europe.
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The semi-final first legs will be played on Thursday, May 4, and the second legs take place on May 11.
Butragueno said: "In theory playing the second game at home can be an advantage, but it depends on the result from the first leg".
Leonardo Jardim's men have caused problems with the youth, vibrancy and pace in their side, with Kylian Mbappe a particular threat - the teenage France striker becoming the first player in the tournament's history to score in his first four knockout-stage matches.
Monaco and Juventus go head-to-head in the other semi-final clash as the June 3 finale at Cardiff's Principality Stadium looms large.
French league leaders Monaco are the outsiders but they have already claimed victims in Borussia Dortmund in the quarter-finals and Manchester City and Tottenham Hotspur before that.