Friday's draw in Nyon saw the European giants paired against each other, with the first leg in Madrid on April 23 before the return in Munich six days later.
Both sides are chasing what would be a historic victory in the final, with Real aiming to win Europe's premier club competition for the 10th time, and current holders Bayern out to become the first team to defend the trophy since the competition's inception in 1992.
"The draw is the draw," said Guardiola on Friday. "Real Madrid are a tough group but we're looking forward to it. I know their team well.
"They have a great team and a great coach, so it will be a huge challenge for us."
"I believe he will play against us," he said. "We will prepare for the game believing that he will be in the team.
"We watched their game against (Borussia) Dortmund and will watch them them in the cup against Barcelona (Real meet Barca in the Copa del Rey final on Wednesday). We'll analyse everything."
