The Merseysiders play their first Champions League match since 2009 on Tuesday when they host Bulgarian side Ludogorets Razgrad in Group B.
Following a five-year absence from European club football's top tournament, Rodgers believes that Liverpool will only enrich this season's competition.
"We're very excited to be in the Champions League. Five years is a long time to be out of it for a club like Liverpool," he is quoted as saying by Goal.com. "It is one of the great clubs with a rich European heritage, and the competition needs Liverpool in it.
"The key is to ensure we remain in it for the long term, and it is a challenge that excites us as well. For us there is no fear, we will embrace it."
Liverpool head into tomorrow night's match on the back of a 1-0 defeat at home to Aston Villa in the Premier League.