President Karl-Heinz Rummenigge does not believe Bayern Munich can compete with big-spending English and Spanish clubs in the Champions League.
Bayern were thrashed 5-1 on aggregate by Barcelona in the quarter-finals last season and Rummenigge is not expecting the European Cup to be back at the Allianz Arena at the end of this season.
"The big Spanish clubs - titleholders Barcelona and Real Madrid, who have invested a lot of money - and the English teams, who have dominated the Champions League in recent seasons, like Manchester United and especially Chelsea, who have been trying to win it for years now, are bigger favourites than us," he told UEFA's official website.
"We'll try to play an important role, but we're not favourites.
"They are the best two leagues at the moment, without doubt.
"Those two leagues, and their clubs, have invested a lot of money and whoever has the best players has the best chance of going far in the competition."