The first leg of the tie will take place at the King Power Stadium in Leicester on Thursday April 28, with the second leg being held at the Stadio Olimpico exactly one week later (May 5).
Both games will kick-off at 21:00 CEST.
The Giallorossi have beaten Vitesse Arnhem and Bodo/Glimt to reach this stage, after qualifying as group winners from a group that featured Bodo, CSKA Sofia and Zorya Luhansk.
Leicester City have reached this stage after falling down from the Europa League group stage - going on to beat Randers, Rennes and PSV Eindhoven to reach the final four.
Brendan Rodgers side scored two late second leg goals to ultimately beat PSV 2-1 on aggregate.
The tie will be Roma's third European semi-final in the last five seasons, having reached the same stage of the Champions League in 2018 and the Europa League in 2021.
On both occasions the team ended up facing English opposition, losing to Liverpool and Manchester United respectively. Neither of those sides went on to win the trophy.
This is Leicester's deepest European run, having previously reached the quarter-finals of the Champions League in 2017.
In the group stage of the Europa League this season, they were beaten to qualification for the knockout phase by Napoli and Spartak Moscow, with Legia Warsaw finishing bottom of the group.
The Foxes drew with Napoli at home in the group stage, losing 3-2 at the Stadio Diego Maradona.
Olympique Marseille and Feyenoord face off in the other semi-final.
The final of the competition is scheduled to take place in Tirana, Albania on May 25.
Season ticket holders can already purchase their seats for the Olimpico meeting on May 5.
The general sale for all remaining tickets begins on April 20.
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