The Italian champions, who overcame Celtic in the last 16 of the competition, were pitted against the Bundesliga outfit in Friday's quarter-final draw.
Nedved has said that the Old Lady will be in for a tough match when they face Jupp Heynckes's side.
"The Germans are strong and skilled, but above all they're experts in this situation and that's their main characteristic," he told Sky Sport Italia.
"We'll be up against a side who are among the most feared in the competition. Bayern are a team with experience in this competition. But we're also aware of our strengths.
"We're very proud to be here as representatives of Italy and above all among the best eight in Europe. It's the maximum as far as we're concerned, after plenty of suffering."
The first leg takes place at the Allianz Arena on April 2.