Borussia Dortmund are set to face Real Madrid in the last four while Bayern Munich will clash with 2010-11 champions Barcelona over two legs.
When asked who was the favourite, Low refused to pick one saying that all four teams had an equal chance of winning the trophy and the 53-year-old also stressed that much would depend on which team played better on the day.
"This year, the best clubs are in the semi-finals. In all the games it could be seen that these four teams were the best this season," he told Die Welt.
"There are four teams left playing at the highest level, all with great quality. None of these teams can be discerned as the weakest club. Now everything is possible. Dortmund will be very strong.
"The chances of getting into the finals are balanced. There are different characteristics in each individual team. We will see who in the two games brings their own strengths to the best place."
Low also conceded that whilst it would be nice to see Bundesliga and Liga sides dominate Europe’s premier competition on a regular basis it was unlikely to happen and was quick to point out the threat that other countries posed.
"It is not the case that only German or Spanish clubs in the years ahead will be in the Champions League's latter stages. It would be nice but I do not think that it is realistic," he continued.
"At national level, Spain are of course great but also not the only [testing] opponent. It would be entirely wrong to see only Spain as our country's competitor."