Bayern Munich boast an impressive record in Europe's elite club competition and are a formidable prospect at home, where they have lost only twice all season – albeit one of those defeats was at the weekend against Stuttgart.
While Giggs feels the Reds will benefit from having played at the Allianz Arena in the summer, he knows his side are in for a testing night against Louis van Gaal's men.
"We're in the quarter-finals, so they’re all going to be tough games, but we're always wary of teams who have a great history in the European Cup," Giggs said.
"We know the stadium after playing there in pre-season, we know what we’re up against and we know it’s going to be difficult – it always is against top German sides."
With a plethora of attacking talent on display in both sides, Giggs is confident the last-eight tie will live up to its billing.
The Reds midfielder added: "They have a lot of trickery in their team, with Franck Ribery and Arjen Robben, and they have some good players and matchwinners. But we fancy ourselves if we play to the best of our abilities.
"We’ve won the European Cup three times, they’ve won it four times. We are two teams with real pedigree, experience and great players, so hopefully it’ll be a good spectacle as well as a great game to play in."