It has been 12 years since the Spanish giants won the most prestigious tournament in club football, which the former captain says is a long time for the club
Carlo Ancelotti's side face city rivals Atletico Madrid in Saturday's final and know they can win the trophy to complete La Decima if they defeat the Spanish champions.
Hierro was the club's last skipper to lift the famous trophy after they beat Bayer Leverkusen 2-1 in the 2002 final and the desire to claim a tenth title has hung over the Santiago Bernabeu ever since.
Hierro, though, hopes they can end their drought with victory in Lisbon.
"It could be that a small obsession exists now," Hierro told Marca.
"Twelve years have passed now without winning one, and for Real Madrid, that's a long time.
"But I think the true obsession existed in 1998, when we had gone 32 years without winning it.
"Generations of players and fans didn't know what it was to win the European Cup. But then we won it and it was like being freed.
"Because of this we also then won the eighth and ninth titles. Hopefully the same can happen again.
"I hope they can win La Decima and overcome this small issue."