Bayern's chief scout Paul Breitner said that the target for the season is to win the treble for the second year running, and to do so they will have to beat the best teams.
"Our team are in a very good situation," he told BBC Sport after the draw.
"We are on course for another treble and to become the first team to defend the Champions League. I look forward to the encounter with Real Madrid."
Chelsea were drawn against Atletico Madrid in the other semi-final.