The Bavarians topped their Champions League group ahead of Valencia, BATE Borisov and Lille and have been drawn in the last 16 against Arsenal.
Borussia Dortmund also topped their difficult group, and Hitzfeld says he can see both Bundesliga clubs thriving in Europe this campaign but tipped Jupp Heynckes' men as not only being the best team of the two, but also on the entire continent.
"Of course, much depends on the draw, but I trust both Dortmund and Bayern Munich to win,” Bild quote the current Switzerland coach as saying.
"And as far as the width of the squad, since the summer no team is as strong as [Bayern Munich]."
Die Roten were runners up in the European competition last season, losing on penalties to Chelsea at their own ground, the Allianz Arena.