Jurgen Klopp’s side are preparing to play host to the German giants on Tuesday.
The first leg of an eagerly-anticipated tie should offer some indication as to which of the European title hopefuls are best placed to reach the quarter-finals.
Fowler claims Liverpool should be feeling confident about their chances of progression, with the Reds needing to respect their opponents while believing that they are better than everyone else.
The Anfield icon told the club’s official website: “When it comes to Liverpool, I’m always quietly confident.
“We are a great team, we’ve got great players and I’m not sitting here saying teams should be worrying about us because I think you’ve got to give them respect, but we’ll get the respect we deserve off them.
“You look and you analyse where they [Bayern] are this season, and I don’t mean this in a disrespectful way, but they’re probably not the Bayern of old in terms of getting unbelievably great results in their league. But there’s no denying that they’re still a great team, they’re still great players.
“As much as it’s an incredibly, incredibly tough game, I think the way we’re playing, we’re a match for anyone in football. We’ve proven that this year.
“The group was maybe a little bit tough, there were some good teams in it and we got out of it. We’re here now and I don’t think it matters really who you play in the second round or the final 16, you’re always going to be playing good teams anyway.
“It so happens that we’re playing Bayern Munich, who have been the top team in Germany for years and years and obviously we’re looking forward to it as a Liverpool team and Liverpool fans.
“And I’m sure there will be players for Bayern who are looking forward to playing us and coming to Anfield to play in an unbelievable stadium.”
Liverpool made it to the Champions League final against the odds in 2018 and Fowler believes they should be targeting another deep run into the competition having proven themselves among the elite.
He added: “I don’t think anyone envisaged that we’d do as well as we did last year and the more the competition went, I think the more we grew and hopefully that’ll be the case again.
“I think we’ve proven to a lot of teams and a lot of people in European football that we can hold our own with the best teams in Europe, and obviously we’ve got aspirations to get to where we think we should be again.
“To be playing teams like Bayern, teams like Real Madrid in finals, that tells you the progress that we’ve made as a club over the last couple of years.
“I think it’s first class and we more than deserve to be where we are because of the way we’re playing.”
Liverpool will welcome Bayern to Merseyside on Tuesday seeking to keep continental fires burning alongside domestic ones, with Klopp’s side also chasing down a first English top-flight title in 29 years.