The 45-year-old has warned of the qualities posed by the Liga outfit ahead of their game on Wednesday, while also drawing attention to the creative talents of Isco and Mario Gotze
The German champions face Manuel Pellegrini's side in the first leg at La Rosaleda on Wednesday, and Klopp feels the tournament debutants fully deserve their place in the last eight, insisting the tie is wide open.
"We are in the Champions League where we have played very well so far. We cannot say that we will be disappointed if Malaga beat us. The name of the team does not matter," Klopp told reporters.
"We have all seen Champions League games involving Malaga. They are totally deserving of their quarter-final place.
"It is the first time we have played against Malaga. We have seen and analysed a lot of their games.
"They are doing very well and are an experienced team with strong defensive and offensive systems. The tie is open, it is a great opportunity and we are happy to play them.
"Many teams have been eliminated and Malaga are still in the competition.
"I think tomorrow we will see one of the best games of the competition. The most important game of the season is tomorrow's game. We want to reach semi-finals, let us see what will happen."
Klopp was also full of praise for opposite number Pellegrini, and paid tribute to the talents of Isco and Mario Gotze ahead of the encounter.
He added: "Manuel Pellegrini is an excellent coach. With young players like Isco and [Mario] Gotze we do not think about how old they are. Isco is an excellent player, they are both very good."