The Germany international told Bayern's official website (h/t Goal's Jon Fisher), that his team will need to guard against their counter-attacks, but also feels the Reds will not be too happy to be facing the Bundesliga champions:
"They're having a very good season and we know they were in the Champions League final last year. They certainly won't be delighted with the draw, either.
"They can counter quickly and they're dangerous in front of goal, but they're also vulnerable, as we've seen, and they'll be up against a good Bayern attack. It'll be a great game both at Liverpool and also at home at the Allianz Arena."
Bayern are not enjoying the best season under new manager Niko Kovac. The team are third in the Bundesliga, have suffered three defeats already and are nine points behind leaders Borussia Dortmund.
In contrast, Liverpool are top of the Premier League table and the only undefeated team left in the English top flight after 17 games.
ESPN FC's Mark Lovell explained why Neuer could play a key role in the match:
Liverpool will have to cope without key defender Virgil van Dijk for the first leg due to suspension. However, they do have a good record against Bayern Munich:
Bayern striker Robert Lewandowski will pose a big threat. The Poland international was the top scorer in the group stages:
The German giants did not taste defeat in the group stages but were held to draws home and away by Eredivisie side Ajax.
Meanwhile, Liverpool lost all three of their away matches against Paris Saint-Germain, Napoli and Red Star Belgrade. The Reds have been formidable at home this season but will need to improve on their travels if they are to progress.