The 22-year-old midfielder is on the books at Anfield but is spending this season on loan at Bundesliga outfit Hertha Berlin.
Jurgen Klopp led the Reds to the final of the Champions League last season and has them competing for the Premier League title this term.
Grujic, speaking ahead of the first leg against the German champions on Tuesday, believes Liverpool are looked at differently now than they were when he signed from Red Star in January 2016.
“It's changed," the midfielder told ESPN FC. "Now everybody is like: 'Liverpool will go through, 100 per cent.'
"But with Bayern, you can't be sure that Liverpool will go through. Looking from the form point of view, Liverpool is a much bigger favourite, I would say.
"I'm looking forward to it. Maybe I have the chance to go see it in Munich because it's not too far.
"They [Bayern] are normally like Liverpool in England – one of the most dominant teams in Germany. They play possession football from the back and as soon as they lose the ball, they try to win it back and counter-press.
"They are two really quality teams and two of the biggest teams in the world. It will be enjoyable for us to watch the game."
