Dortmund will meet the Reds and former boss Jurgen Klopp in the quarter-finals of the competition, and Reus is wary of the threat posed by the likes of Daniel Sturridge, Philippe Coutinho and Roberto Firmino.
Germany forward Reus told Bild: "Should we wane just a few percentage points then we'll be without a chance. They have a good team, and especially in attack they have great players.
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"We accept the draw. We're professional and hungry for success."
Klopp left Dortmund in 2015 after a superb seven-year spell in which he won two Bundesliga titles, the DFB-Pokal and led the club to the 2013 Champions League final.
Reus, who Klopp signed for Dortmund from Borussia Monchengladbach in 2012, added: "We chuckled when we heard the news because it was clear the old coach will return home.
"But we directly said that it's not BVB versus Klopp, but rather Dortmund versus Liverpool."