Bayern, who last won the Champions League in 2012-13, have beaten Chelsea, Barcelona and Lyon in the knockout rounds of this season's tournament to make the final.
PSG, meanwhile, overcame Borussia Dortmund, Atalanta BC and RB Leipzig after winning Group A.
A selection of the world's best players will be on display in Portugal on Sunday night, and it is set to be a fascinating conclusion to Europe's leading competition.
Here, Sports Mole picks out four key battles which are likely to occur.
Thiago Silva (PSG) vs. Robert Lewandowski (Bayern)
In what will be his final appearance for PSG before leaving on a free transfer, Thiago Silva will be determined to help the French champions land European silverware. However, Thomas Tuchel's side will have to contend with arguably the best centre-forward in world football if they are to emerge victorious.
Lewandowski has enjoyed a remarkable campaign at club level, scoring 55 times in 46 appearances in all competitions, including 15 goals in nine Champions League outings. There is plenty of movement, pace and trickery around the Poland international, but he is the main goal threat for the German champions.
Presnel Kimpembe is expected to line up alongside Silva in central defence, and there is no question that the 25-year-old will need to help out his teammate when it comes to containing Lewandowski.
However, there is every chance that it could turn into a personal battle between the Bayern striker and PSG captain, who will be keen to show that he is still one of the best central defenders at this level of football.
Kylian Mbappe (PSG) vs. David Alaba (Bayern)
David Alaba has excelled as a central defender for Bayern during the 2019-20 campaign, but the Austria international, who has played as a left-back for much of his professional career, will be in for the ultimate test against PSG's star-studded attack on Sunday night.
PSG's 21-year-old attacker has scored 30 times and provided 19 assists in 36 outings at club level this term, including five goals and six assists in the Champions League; his pace is frightening, while he also possesses the composure and intelligence to take the opportunities that are bound to arrive in Lisbon.
Alaba, though, has become one of the most effective central defenders in world football, using his pace and defensive capabilities to help Bayern put victory after victory on the board.
Marquinhos (PSG) vs. Serge Gnabry (Bayern)
Serge Gnabry has been in remarkable form for Bayern during the 2019-20 campaign, scoring 23 times and registering 14 assists in 45 appearances in all competitions. The German has nine goals in nine Champions League outings this term, meanwhile, and will be desperate to make his mark on Sunday night.
The 25-year-old is again expected to start off the right in the final, but he caused both Barcelona and Lyon all sorts of problems drifting into a central area, ultimately scoring three times and providing one assist in the two matches as Bayern eased through their quarter-final and semi-final affairs.
Marquinhos has largely played as a defensive midfielder for PSG this season and that is again expected to be the case in the final, with the Brazilian potentially giving the task of shutting off Gnabry's contribution.
The 26-year-old certainly has the energy and defensive capabilities to nullify Gnabry's threat, and it is set to be a fascinating battle between the two players in a key area of the field.
Angel Di Maria (PSG) vs. Alphonso Davies (Bayern)
Operating off the right against Leipzig in the semi-finals, Di Maria scored once and provided two assists during a fine performance. The Argentine has now managed 12 goals and 23 assists in all competitions this term, including seven assists in the Champions League.
The 32-year-old will need to be at his best, though, in order to get the better of Bayern's Alphonso Davies, who has developed into one of the most exciting attacking full-backs in world football.
The Canada international has three goals and 10 assists to his name this season, including four assists in the Champions League, and he has caused Tottenham Hotspur, Chelsea, Barca and Lyon all sorts of issues during Bayern's progression to the final of this season's European Cup.
Davies is spectacular going forward, but he will need to be solid defensively against Di Maria, who will certainly believe that he has the experience and nous to win the battle between the two players.