For the Blues, they will be out to exorcise the ghost of John Terry's agonizing penalty miss in the 2008 final against Manchester United.
For Bayern, their disappointing 2-0 final defeat to Inter Milan in 2010 will motivate them to lift the trophy in front of their home crowd at the Alianz Arena.
Like most German teams, Bayern have a reputation of being a stingy and effective defensive unit that is contented with one-nil wins on any given day.
But a glance through their squad will tell you otherwise. The likes of Frank Ribery, Arjen Robben, Bastian Schweinsteiger and top-scorer Mario Gomez will prove to be a handful for Chelsea's defence, who will be without Terry through suspension.
The Blues on the other hand boast of an attacking line-up that most teams envy -- Juan Mata, Didier Drogba, Frank Lampard and Fernando Torres (if he continues his recent form) can torment the Bayern defence at will.
Having said that, both sides did not have the best of domestic campaigns. Roberto Di Matteo's men finished sixth in the English Premier League while Jupp Heynckes' charges once again missed out on the Bundesliga title to Borussia Dortmund.
So not only is the final of great importance to the clubs, it is also likely to be the last chance for veterans like Drogba, Lampard and Ashley Cole to get their hands on the Champions League trophy.
But one thing's for sure — we are in for a cracking final on Sunday morning.
Yahoo! Singapore's prediction: Bayern 1 Chelsea 1 (Bayern win 2-1 in extra-time)
What Chelsea fans in Singapore say
Jeffrey Lee, Chelsea fan for 15 years
"It's going to be the greatest game for both Chelsea players and fans. It's quite amazing we are so close to winning the Champions League given our disappointing season in the Premier League.
"To be honest I am quite worried given the players we are missing. But I have faith that we can lift the trophy. After all we overcame Barcelona with 10 men!"
Prediction: Bayern 1 Chelsea 3
Glecy Buntelle Tan, Chelsea fan for 9 years
"I believe Bayern have the advantage in the final as they are playing at home. What makes it even more difficult for us is that we will be missing key players such as Terry, Meireles, Ivanovic and Ramires.
"It's been a tough journey to the final and I expect the same on Saturday."
Prediction: Bayern 2 Chelsea 2 (Chelsea win 3-2 in extra-time)
What Bayern fans in Singapore say
John Schmidt, Bayern fan for 25 years
"It is undoubtedly the biggest game in the club's history. Simply because we have the chance to lift the greatest trophy in front of our own fans.
"The players will be even more determined to win it after our disappointing defeat to Borussia Dortmund in the German Cup."
Prediction: Bayern 2 Chelsea 0
Joseph Han, Bayern fan for 10 years
"I have been waiting for this day to come. To see Bayern win the Champions League at the Allianz Arena. So I hope they will make my dream come true by lifting the trophy this Saturday.
"I am expecting a tight game with both teams cautious at the beginning. But I believe with the home crowd behind us and the quality in our squad, we will go on and be crowned Kings of Europe!"
Prediction: Bayern 1 Chelsea 0