To have a chance of becoming the first side to win the title in their own stadium, Bayern need to defend a 2-1 advantage from the first leg of their semi-final against Real Madrid.
Madrid are regard as favourites on home soil, and Bayern chairman Karl-Heinz Rummenigge acknowledged the challenge facing his side.
"It is going to be a very difficult game," he said. "But I think that the last-minute goal from Mario Gomez has given us a small chance, and we will try to take this small chance.
"We will try to make a dream come true for our fans and reach the final. But for that to happen, we are going to need a very special Bavarian night."
President Uli Hoeness believes the tie is evenly poised ahead of the 90, or 120 minutes, which will make or break his side's season.
Bayern lost the race for the Bundesliga title at the weekend and are now focusing all of their efforts on European glory.
"We have a one-goal advantage and a draw would be enough for us," said Hoeness on his club's website.
"The chances are 50/50. Of course it is something special to play the semi-final in Madrid and nobody can take that away from us.
"This is a dream."