Despite finishing top of Group E, the Bavarian giants were handed the most difficult opponents possible for the first knockout round.
Niko Kovac's team will travel to Anfield for the first leg on February 19 before the return game at the Allianz Arena on March 13.
Liverpool reached the final of Europe's premier club competition last season and, as Premier League leaders, they will be favourites to progress to the quarter-finals.
Robben's side have endured a tough campaign and trail league leaders Borussia Dortmund by six points at the half-way point in the season.
“Liverpool is doing well again, just like last year when they made it to the final, and I also see them as a favourite for the Champions League victory this season," the former Netherlands international told a press conference.
”For us, it was perhaps the worst possible draw, but it’s going to be a great challenge, we have to look at ourselves, keep working hard and improve ourselves.
"If we have a good day and play the way we want, I’m sure we’ll make it very difficult for Liverpool.”
The ex-Real Madrid and Chelsea star will leave Bayern at the end of the 2018-19 campaign, bringing a climax to a 10-year career with the club.
Though the 34-year-old has scooped 18 major honours with Bayern, bypassing Liverpool will be among the toughest challenges he has faced.
Fellow-countryman Virgil van Dijk, the world's most expensive defender at £75 million ($95m), will be one the players standing in their way, although he will be suspended for the first leg of the encounter.
Robben has only good things to say about the imposing centre-back, who began his career with Willem II and Groningen in his native Holland.
“I do not know if he is the best defender in the world, but other people are allowed to judge that, but I’m happy for him," he added
"He has made big strides lately, just look where he comes from.
“He has grown as a player, but also as a personality, I am happy for him, where he is at the moment.
"He is a key player at a gigantic club, and he is the captain of the Dutch national team. He deserves all the compliments.”