The Bavarians clinched the Bundesliga trophy on Tuesday as they defeated Hertha Berlin 3-1, becoming the earliest champions in the history of the German top flight.
Hitzfeld, the current Switzerland coach, is in awe of the team and their coach Pep Guardiola and tipped them to go on and become the first team to retain the top European prize in its modern incarnation.
"It is always sensational when a team gets to break such records," he told RMC Sport. "No team have been champions so early in the season.
"This is a sensational performance from Bayern. Pep Guardiola has made them even better - a coach who had already won everything.
"For me, Bayern are the favourites for the Champions League."
Bayern are back in action on Saturday against Hoffenheim with pride to play for and further records to grab in the Bundesliga.