The two tangled in the first leg of the round-of-16 tie two weeks ago in Milan, which the Italians won 2-1.
The Inter winger is a huge star in his homeland and the Chelsea defender is keen to show what he can do against one of his nation's icons.
"For Serbia he is the most important team player in the last 10 years," Ivanovic told the Bllues' official website.
"He is the symbol of Serbian football, the guy who played at the best level in the world for the longest time and he's a very important player, he is a real leader and captain of the team.
"Stankovic plays with his heart and has very good quality, a very good pass and shot and he is special, he is the person who other guys can look to.
"When I was younger everyone looked up to him, he started in the national team very young and for a generation he was the favourite player.'
"We spoke after the game [first leg], he said to me it was a hard game and both teams had difficulties," Ivanovic added.
"It was the first game but he [Stankovic] was happy with the win. For us now we are at home and it's a very important game, I hope we can arrive in the next round."
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