Jurgen Klopp's Dortmund side have won the last two Bundesliga championships but look set to concede their title to Bayern this season.
Germany coach Low has said that he is not surprised by the Bavarian outfit's revival.
"In the last 20 years Bayern have had a dominant position in German football," he told TZ. "What Dortmund have done is sensational but I don't see a changing of the guard, not yet. That can not be expected either. You can't fall from the throne in just two years.
"Bavaria has been well established for so many years, not only in Germany but also in Europe, they are the pride of Germany. They are the most prestigious club."
Bayern are currently 17 points clear of Dortmund at the top of the Bundesliga.