Simeone's Atleti have generally revelled in taking on the continent's elite, most recently when they stunned Liverpool at Anfield at the last-16 stage of last season's Champions League.
Indeed, being tagged as favourites has not always seemed to rest as easily with Los Colchoneros, as was the case when RB Leipzig handed them a 2-1 defeat in the quarter-finals last time around.
Speaking at a pre-match news conference, Simeone said he had no complaints over his side still being viewed as outsiders after proving to be a force in Europe over the past decade.
"The truth is that we do not stop to listen to what may come from outside," he said.
"We are on the way to continue progressing, to be consistent in the game, to be solid as a team and we will play against an important rival, trying to take the game [to a position] where we can do damage.
"This will be the third time we face Bayern since 2016. It’s exciting to face one of the best sides in the world.
"We have to work well as a team and we’ll try to take the game in the direction we want it to go."
Simeone and his players will have to do so without injured stars Diego Costa, Jose Gimenez, Saul Niguez and Sime Vrsaljko.
Nevertheless, experienced midfielder Koke insists they are targeting victory at the Allianz Arena.
"Whenever we go to any field we go out to win," Koke said. "We do not look to see if we are going to draw.
"Regardless of the competition, even a friendly one. We will try here tomorrow."
Asked whether the Liverpool victory set a precedent in that regard, the Spain international replied: "They are different games. We have the ability to hurt Bayern with intensity and being aggressive.
"It is different, but they are coming off a great streak. We will try to be the first ones to make them lose."