The Bavarians are on course to claim a historic treble this season but their former left-back believes they are some way off from being regarded as the finest iteration
Jupp Heynckes' side are two finals away from claiming a maiden treble and there have been suggestions from sections of the media that this season's squad are the finest in the Roten's 113-year history.
But the left-back - who suffered heartbreak against Manchester United in the 1999 Champions League final before lifting the trophy two years later - believes the squad must firstly go on to enjoy a sustained period of success.
"One can say that the team of Beckenbauer's was the best and not the current generation yet," Lizarazu told Bild.
"First the work must be done. I personally believe that the team will go on to win all the titles. I also believe that Bayern are stronger than Dortmund. But they still have two finals to go, and in a final anything can happen. The guys should know this by now.
"The team have learned from the failures of recent years. For my era, it was no different: After we lost against Manchester United in 1999, we developed an inner anger which then led us to victory in 2001.
"And it is this rage that is still prevalent in the squad. You know that this could be their last chance, maybe. That's exactly why they'll win the trophy this year."
The former France international admitted that he was still no nearer to explaining how they won Europe's elite club trophy at the Allianz Arena last season, when they suffered a surprise penalties loss to Chelsea.
"I honestly do not know what happened [against Chelsea last season]. Under normal circumstances, Bayern would have won that final," he added.
"They were stronger than Chelsea and mastered the game over long distances, but the team that deserved to win doesn't always do so, especially in a final.
"If you fall, then get up again! That's been instilled in me from my Bayern days and so they did it again after the drama of last year."
"Bayern are on the up again and have had a great season. It's because of this spirit that I am firmly convinced that the team finally gets its fifth European Cup."
Heynckes' side face Borussia Dortmund at Wembley in the Champions League final on May 25.