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Bayern faced little resistance on its way to the league title last season, finishing 16 points clear of second-place Dortmund while scoring a competition record 122 goals.

Kompany became the fourth manager to win the Bundesliga in each of his first two seasons, after Ernst Happel, Hansi Flick and Pep Guardiola, while Bayern have won the league in 13 of the last 14 seasons.

Bayern has further strengthened its squad this summer, signing Ismael Saibari and Nathaniel Brown, while Harry Kane is set to extend his stay at Allianz Arena.

Dortmund, meanwhile, has invested in youth, with Giannis Konstantelias, Konstantinos Karetsas and Joane Gadou all joining Niko Kovac's squad.

Bayern has already got one over their rivals this season, winning 2-1 in the Franz Beckenbauer Supercup, and Watzke expects much of the same in the Bundesliga.

"Well, you have to be honest, we had a good Bundesliga season last year and picked up 73 points," Watzke said.

"In the past, that would have been enough to win the title. Today, that’s no longer the case because FC Bayern dominate everything.

"At Dortmund, there’s only so much we can do to change that, because the gap between Germany’s top two clubs has become so vast economically.

"So we shouldn’t kid ourselves – Bayern Munich are overwhelming favourites."

Dortmund begins its Bundesliga campaign on Sunday, hosting Hamburg at Signal Iduna Park.