Ancelotti had feared a last-eight meeting with United or Roma after eliminating Celtic in the last 16, but his prayers were answered with the six-time European champions being drawn against Bayern Munich.

"Bayern Munich have a great tradition and a lot of value," admitted Ancelotti. "We know them well, having faced them in the past.

"I would have been more disappointed to have met Roma or Manchester United at this point of the tournament.

"Manchester United is the team that plays the best football in Europe right now."

Milan will host Bayern, who ousted Real Madrid on away goals in the previous round, on April 3/4 before travelling to Munich a week later.

Bayern chairman Karl-Heinz Rummenigge admits his players will be looking for revenge when they face Milan.

The German giants were knocked out of the tournament after losing 5-2 on aggregate to Milan in the second round last season.

"Last year we lost convincingly 4-1 and so we have something to make up for," he said.

"We know them well and have the advantage of playing the first leg away.

"We will have to see if our dreams are still alive after that game."

Bayern will travel to Italy for the first leg this term, before the return at the Allianz Arena.

The winner of the tie will face Roma or United in the semi-finals.