The Peruvian is determined to get as close to runaway Bundesliga leaders Bayern Munich as possible and says his side will give everything against Real Madrid
Jens Keller's side currently sit two points behind BVB in the race for the top four following their crucial 2-1 win over fellow European-chasers Wolfsburg last weekend.
Farfan is fully confident his side can finish above their their fierce rivals and even haul in second-placed Leverkusen before the end of the Bundesliga campaign.
"It's our goal to play with Europe's great every year. I firmly believe we can get there again. Even second place behind Bayern is possible," he told Bild.
Schalke take on Real Madrid in the last 16 of this season's Champions League and Farfan concedes his side will have to give their all if they are to upset Ballon d'Or winner Cristiano Ronaldo and Co.
"They also play with 11 men. We'll try everything. But Madrid are the clear favourites and Ronaldo is a worthy world's best-winner, although [Franck] Ribery would have deserved the title as well," the Peruvian added.