Ferguson's men struck twice in injury-time in the Nou Camp 11 years ago to break Bayern's hearts.
Two years later Bayern beat United in the quarter-finals en route to lifting the trophy themselves. And this year's quarter-final meeting will provide an intriguing test for Sir Alex Ferguson's side.
They'll come up against France superstar Franck Ribery and former Chelsea ace Arjen Robben - now plying his trade with the Bavarian giants. The first leg will take place at the Allianz Arena on March 30 with the return game at Old Trafford on April 7.
United boss Ferguson said: "The history of playing Bayern in past European ties tells you it's going to be a very difficult tie for us.
"It'll be a fantastic atmosphere in both games. They have a great stadium and good pitch and we're up against a good, experienced team.
"Hopefully we'll have everyone we need for the game and we've got a good chance."
Manchester United club secretary Ken Ramsden admitted the Red Devils had received a favourable draw.
"If we chose the draw this would be a good draw but the games are there to be won and we're a long way from the final yet," he said. "I'm sure there'll be no complacency at Old Trafford."
Former Bayern midfielder Owen Hargreaves is ineligible to play against his former club but Ramsden added: "I'm sure it will add an extra dimension for him.
"I'm sure he'll want to be in Munich whether he's playing or not. It adds another element to a very attractive game already."
Bayern chairman Karl-Heinz Rummenigge labelled the tie a "tough but attractive draw", although he admits United will be expected to go through to the last four.
"Manchester are a team who are ranked right at the top," he said on his club's website. "We will have to push ourselves to our limits and possibly even beyond to go through.
"Manchester are the favourites, but that is where the attraction lies: to try to beat a favourite."