Former Bayern Munich midfielder Stefan Effenberg believes that the Bavarian giants are one of the favourites to win the Champions League this season.

The German outfit reached the final of Europe's premier club competition in 2010 and 2012, but lost on both occasions.

"The Bayern players had the chance of a lifetime to win the Champions League, but let it pass," Kicker quotes Effenberg as saying.

"This time they will have to aim for the trophy. That has to be the only objective.

"Bayern should stroll their group and are one of the favourites to go all the way. They are getting a lot of respect throughout Europe, and deservedly so."

Bayern will begin their Champions League campaign with a home game against Valencia in Group F on Wednesday.