"The Euro title is possible!" Beckenbauer wrote in his column for the Bild daily. "Right now I see no better national team in Europe."
Germany lead their qualifying group for the 2008 finals in Austria and Switzerland. Beckenbauer said he expects them to qualify easily for the big event.
The Euro title in June 2008 is to be the culmination of the season which was due to kick off later Friday with the Bundesliga opener between champions VfB Stuttgart and runners-up Schalke 04.
The Munich president Beckenbauer said he hoped the massive investment in new players like Franck Ribery, Luca Toni and Miroslav Klose will pay off with another title, but that Bayern could not expect an easy run.
"It will be no one-sided season, but a tight race for the title until the end. Of course I hope that the risk of making the big investment will pay off. It is a necessary experiment," he said.
Beckenbauer named Stuttgart, Schalke and Werder Bremen the main rivals for Munich and said that "they didn't have to strengthen their teams in such a way because they have intact teams."
Munich play their first league match against promoted Hansa Rostock on Saturday.