Heynckes will leave Bundesliga champions Bayern in the summer and he has already made it clear that he will not be accepting another job in Germany.
He therefore bows out at one of his former clubs and Favre feels honoured to be sat on the opposing bench for the occasion.
"I rate Jupp Heynckes very highly," he said. "As a coach, it impresses me how much dominance Bayern are showing this season and how calmly they are dominating their opponents.
"Of course Bayern have strengthened their squad well and intelligently, but you can see the signature of my colleague.
"He has managed to turn Bayern into one of the best teams in Europe and the world."
Gladbach's task now is to try to become only the second club this season to beat Bayern, even if only a miracle can now take them into Europe next season.
However, Favre is proud of what his side has achieved and he has tried to put things into perspective.
"Seventh or eighth is not bad, considering we also came through a tough group in the Europa League," he told the Express newspaper.
"Remember, when I arrived here at the start of 2011, Borussia was at rock bottom.
"We then had that super season, then we lost three key players in the summer."
For Gladbach to sneak into Europe, they must beat Bayern and hope that both Eintracht Frankfurt and Hamburg lose, while overturning a six-goal deficit on Frankfurt.
Bayern, meanwhile, sealed top spot in the Bundesliga five weeks ago and, in view of next weekend's Champions League final, Heynckes may well leave one or two players out of his starting XI.