The German international spent three years with Jupp Heynckes' side from 2006-09 before he moved back to his hometown side Koln.
Podolski admits their opponents have undoubted quality and and an excellent record in the competition, but believes both teams have a chance of advancing to the quarterfinals.
"They played in the final in 2010 and last year," he told the club's official website.
"It's a big club but we have the chance to win against Bayern Munich. They have a very good team with big players.
"They have [Mario] Gomez up front, they have [Franck] Ribery, [Bastian] Schweinsteiger, Philipp Lahm, Manuel Neuer. There are two matches, one at home [and] one away. Both teams have the chance to win."