Carlo Ancelotti believes the UEFA Champions League semi-final draw leaves Bayern Munich with as much of a challenge as it does his Real Madrid side.
The German giants eliminated Los Merengues at the same stage in 2012, winning on penalties following a 3-3 draw on aggregate, and they are bidding to become the first team to retain the trophy in the Champions League era.
"I think Bayern Munich are a great team," said Ancelotti. "They have individual and collective quality and have had a great season.
"When you get to the semi-finals all the teams are good. Bayern Munich could be the favourites, but our objective is to win the Champions League and if we want to win it, we have to beat Bayern Munich."
Ancelotti also played down the importance of having to travel to Munich for the second leg. However, of more pressing concern for the Italian is the fitness of FIFA Ballon d'Or holder Cristiano Ronaldo. The Portuguese has missed Real's last two games due to injury and is expected to be ruled out of the Copa del Rey final against Barcelona on Wednesday due to a hamstring problem.
Ancelotti confirmed Ronaldo will be sidelined for Saturday's game at home to Almeria in La Liga, but is hopeful the competition's top scorer this season with 14 goals will be fit to face Bayern in the first leg at the Bernabeu on 23 April.
"Cristiano is not available for tomorrow," he said. "He had a small injury against Dortmund and we thought it best to leave him out and let him have more treatment.
"We don't know if he will be fit for the game on Wednesday. I think he will recover quickly, but it is clear that if we are not going to take risks and if he is not 100 per cent, then he will not play in the final."