Real go to Germany this week needing to overturn a 2-1 deficit for the second-leg of their Champions League quarterfinal.
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Speaking to Movistar, Valdano stressed that "Real Madrid will need all their heart in Munich" and emphasised that "they are playing against a great team, away from home... but I see Madrid still in the game."
Appealing to the past, and the legend of Real Madrid in Europe, the man from Las Parejas (Argentina) looked to history: "When Real Madrid is in desperate situations in LaLiga, that's when they bring out their best responses in the Champions League."
"I don't rule out the possibility of a comeback in Munich," Valdano said, leaving a message of optimism for fans.