The German giants eased into the quarter-finals in style, as they swept Arsenal aside with 5-1 wins both at home and away.
Tuesday's demolition job at the Emirates Stadium saw Bayern once again live up to their tag as many people's favourites for the competition.
But club chairman Rummenigge insists they are in no position to start dreaming just yet, preferring that the team avoids getting carried away and keeps its feet on the ground instead.
Speaking at Bayern's post-match meal at their hotel in London, Rummenigge said: "It will do us good not to be seen as the favourites in the Champions League.
"We're in the quarter-finals now but every other team that has, or will, qualify will provide tough opposition.
"We shouldn't start dreaming but instead wait patiently to see who we draw in the quarter-finals."