The two-time winners have been in imperious form so far in the competition, topping Group H unbeaten, while their 16 goals in the first round proper was bettered only by Chelsea.
Wednesday may be the first meeting between the two sides but Lopetegui has denied the Primeira Liga outfit start the tie as favourites.
"There are no favourites in a game like this, say what you like," he said. "The only reality is that it starts 0-0.
"This is a beautiful and historic game. Let's go with all the ambition, we want to be best.
"We know it will be a very balanced game because we are playing a great team. Basel are a great team, very strong, experienced and well orientated.
"We will have to play two great games to reach the quarter finals of the Champions League."
Basel's home record may be why Lopetegui is keen to shift the weight of expectation off his team, the Swiss champions have only lost twice at the St Jakob Park since October 2013 in all competitions.
