The hosts made it through to this stage of the competition after a dramatic matchday six fixture in Group F. The Italians drew 2-2 with Club Brugge and scraped through to the knockout stages.
Charles de Ketelaere hit the crossbar in second-half stoppage time as the Belgian champions were denied their path to the knockout stages by the barest of margins.
Lazio, though, are now in the knockout stages of the Champions League for the first time in 21 years, having last made this stage back in 2000.
Simone Inzaghi's side are currently fifth in Serie A, level on points with fourth-placed Atalanta, but with an inferior goal difference. However, Juventus, who have two points less than Lazio, have two games in hand, and could move above the side from the Italian capital.
Bayern, on the other hand, comfortably topped a group also consisting of Atletico Madrid, RB Salzburg and Lokomotiv Moscow.
However, the German champions have not won either of their last two games in the Bundesliga. They returned from Doha as Club World Champions and then drew 3-3 against Arminia Bielefeld on Monday.
On Saturday night, Bayern lost 2-1 to Eintracht Frankfurt.
Hansi Flick will not have an easy task as Bayern begin the home stretch towards retaining the crown that they won in Lisbon last August. This is especially true as Bayern have multiple injury issues to deal with.
Lazio vs Bayern Munich Head-to-Head
Lazio have never faced Bayern Munich in a competitive game before this tie, and will look to start off with an upset against the Bavarians.
Lazio form guide: W-L-W-W-L
Bayern Munich form guide: L-D-W-W-W
Lazio vs Bayern Munich Team News
The Italian side will miss Luiz Felipe, Stefan Radu, Thomas Strakosha and Silvio Proto for this game. All four players are nursing injury concerns.
Injured: Luiz Felipe, Stefan Radu, Thomas Strakosha, Silvio Proto
Thomas Muller and Benjamin Pavard remain unavailable, with both players self-isolating after testing positive for COVID-19.
Corentin Tolisso picked up yet another injury as his wretched luck continued. Alexander Nubel, Serge Gnabry and Tanguy Nianzou are also ruled out.
Injured: Douglas Costa, Cotentin Tolisso, Serge Gnabry, Alexander Nubel, Tanguy Nianzou
Unavailable: Thomas Muller, Benjamin Pavard
Lazio vs Bayern Munich Predicted XIs
Lazio Predicted XI (3-5-2): Pepe Reina; Patric, Francesco Acerbi, Mateo Musacchio; Manuel Lazzari, Sergej Milinkovic-Savic, Lucas Leiva, Luis Alberto, Adam Marusic; Joaquin Correa, Ciro Immobile
Bayern Munich Predicted XI (4-2-3-1): Manuel Neuer; Bouna Sarr, Niklas Sule, David Alaba, Alphonso Davies; Leon Goretzka, Joshua Kimmich; Kingsley Coman, Jamal Musiala, Leroy Sane; Robert Lewandowski
Lazio vs Bayern Munich Prediction
We are predicting a draw in this game, with Bayern Munich getting an away goal thanks to the hitman that is Lewandowski.
Injuries and COVID-19 issues have ensured that Bayern have lost some momentum, so Lazio will fancy their chances as well.
Prediction: Lazio 1-1 Bayern Munich