Schuster played for Real for three years and he is one of the few high profile players to have also played for Barcelona in his playing career.
Plying his trade as an attacking midfielder, he started out with Cologne before leaving for Barcelona at the age of 20 and he won the European Cup Winners' Cup in his second season at the club.
He was the coach of the Real side that won the 2007-08 La Liga title but he departed the club in the following season after infamously declaring in a news conference that "it's impossible to win at the Nou Camp. They are devastating. I think it is their year. We will try to put on a good show. We won't be able to do more than that".
The former Germany international was made to leave shortly after that statement but he continues to keep in touch with Los Merengues' fortunes.
"Bayern are not quite on par with Real Madrid," the 52-year-old told Kicker magazine.
"Especially in the area of central defence.
"Sergio Ramos and Pepe hold a huge advantage over [Jerome] Boateng and [Holger] Badstuber.
"So I have my doubts as to whether Bayern can compete."
Bayern have scored 11 less goals than the Madrid side but have only conceded one goal more. The Bavarian giants have not really faced a side of Real's calibre in the current campaign, however, and so it will be an interesting match at the Allianz Arena of April 17.
The final will also be held at Bayern's home ground with the German side especially eager to parade the trophy on home soil.