Liverpool host the Bundesliga champions off the back of a number of injuries with many key first-string players unavailable either through injury or suspension.
Dejan Lovren is awaiting assessment before any decision is made before the 20:00 kick-off time.
The Croatian World Cup finalist is recovering from a hamstring injury leaving last season's runners-up short of defensive ammunition ahead of their first meeting with the fellow five-time winners of the competition since 1981.
The Reds are already without the suspended Virgil van Dijk who misses his first Champions League match since his world-record move back in January 2017.
Klopp is also without the injured Joe Gomez, meaning Fabinho could be the solution to the team's defensive conundrums.
Shaqiri represented Bayern Munich for over three years following his move in 2012 - being a part of the European winning team of 2013 - before joining Inter Milan on a €15m permanent deal back in 2015.
After a torrid six-months, the 27-year-old playmaker joined Stoke City before moving o the Reds back in the summer of 2018 and admits he is relishing the visit of his former team.
"I was very happy because I wanted to play against Bayern Munich, against my old team-mates and my old team," Shaqiri told Liverpool's official website ahead of Tuesday's last-16 first leg at Anfield.
"It was an amazing time (at Bayern). We won a lot of titles, we won the Champions League. We had the best team Bayern Munich had.
"It was an amazing feeling to win so many trophies. I had many great memories there, I will never forget them.
"I'm really looking forward to going there and trying to win the game in Munich with my team."
Kovac expected to make alterations
Bayern's Jerome Boateng could make a surprise appearance for the Bundesliga winners despite not making their initial squad.
The German World Cup winner had been ruled out with 'stomach flue' but Bayern's boss Niko Kovac said the defender could be an option if the doctors confirm he is not a risk.
The 47-year-old manager also was pleased to announce that Kingsley Coman will be available, despite the Frenchman only being declared fit at the weekend.
Klopp: We respect the quality of Bayern
There is no questioning the burning rivalry that once existed between Klopp and Bayern Munich. The former Borussia Dortmund manager masterminded two German titles at the expense of their great rivals and was also the manager that inspired his team to the first ever all-German Champions League final that Klopp's tragically lost in the dying moments.
The 51-year-old boss will be desperate to get one over his former nemesis and with Klopp's growing list of casualties reaching hotter levels than Vesuvius, the German manager admitted he may be forced to playing some of his players in unfavourable positions.
When questioned on whether Fabinho could play at centre-back, Klopp said: "In the Champions League, against Bayern Munich, it's not an easy job but we don't want our last guy alone defending against Bayern.
"It depends on how we defend in general and that's it. There will be a lot of moments where we have to defend and we've worked on that.
"We've tried to work on that because we respect the quality of Bayern a lot. We will try to make the best of the situation."