The Premier League leaders and last season's European runners-up host the Bavarians in the first leg on Tuesday before travelling to the Allianz Arena on March 13.
After a troubling start to the campaign under Niko Kovac, Bayern have won their last seven games in a row and moved to within five points of Bundesliga leaders Borussia Dortmund.
Since the draw for the first knockout round was made in December, the Merseysiders have managed to remain on course for their first league title since 1990.
Nevertheless, Klopp has dismissed suggestions his side are expected to progress.
"I see two extremely strong teams facing each other where I don't know how is going to go through.
"I don't feel like we've got through (already). It will be really difficult for us - but it won't be easy for Bayern.
"Our team continues to evolve. We have not won anything yet, that's not so cool. But on the other hand our hunger is clear."
A winner of six major honours at Dortmund, including two German titles, victory over Bayern would hold extra significance for Klopp.
Regardless of the outcome of their last-16 clash, both sides are set for a fascinating duel during the concluding months of the season.
And naturally, Klopp hopes his former side comes out on top.
"I would very much like Dortmund to win it," he added. "But while it hasn't been decided yet, I don't get the impression Bayern will win the next 15 Bundesliga games just like that."