The Bundesliga representatives are desperate to be involved when the draw is made for the tournament proper in Monaco on August 30
The Fohlen finished fourth in the Bundesliga last term to book their ticket for the play-off phase, and they will now have to deal with Dynamo Kiev in order to progress to the tournament proper.
"We want to reach the Champions League. We know that it will be difficult, but it is possible," Favre was quoted as saying on the official Uefa website.
"Dynamo are a very dangerous team with lots of potential and creativity. They have players who can decide a game on their own."
Captain Filip Daems went on to underline the importance of the tie for Gladbach, and is confident they have brought in adequate replacements for the players who have left this summer.
"We have been waiting for this for a very long time," he said. "When we trained in the stadium today we could see all the preparations and could feel that a lot is at stake.
"Sure, we have lost three players, but those that have joined us are very good as well."
Tuesday's encounter kicks off at 20:45CET.