The two European giants have been drawn against each other having knocked out Arsenal and Celtic respectively in the last 16.
Rummenigge, a former Bayern and Inter star, expressed his opinion that it will be a difficult tie for the Bavarians but one that will be entertaining due to the quality of the two sides.
"It will be a tough game for us, and for them it will be an open meeting," he told Sky Sport 24. "There were weaker teams that Juventus could have met, but also weaker teams that Bayern [could have met].
"It's a possible final. There is no expectation in Munich but I think there is also none in Turin.
"Anyway it will be an interesting round between two teams of the highest level."
The last time the pair clashed in the Champions League was in 2009, when FCB emerged 4-1 victors away from home in a group stage game.
The other three quarter-final fixtures to look forward to in early April are Real Madrid-Galatasaray, Barcelona-Paris Saint-Germain and Borussia Dortmund-Malaga.