The Dutchman has backed the Bavarians, who he made 178 appearances for, to win the Champions League at the third time of asking and thinks they can cope with the pressure
The Bundesliga champions were beaten by Chelsea in last year's showpiece, while Inter proved to be too strong in the 2010 final.
However, the Dutchman is confident that Bayern have what it takes to bring the trophy home this time around.
"I think Bayern have a very good chance. If the team play the way they did in the semi-final, I'm confident they'll win," Makaay told the official Bundesliga website.
"It's a one-off game and you can never tell what might happen, but that said, I'm sure Bayern are going to do it this time. Dortmund are not bad at all, but Bayern are a little bit better.
"Every opponent's awkward in a final, but Dortmund have nothing to lose. Bayern have got this far for the third time in four years and they lost on both the previous occasions.
"The pressure's on them - but then, they're a club who are used to dealing with pressure."
Makaay represented Bayern between 2003 and 2007, winning two Bundesliga titles during his time in Munich.