The Icelandic side have knocked out Motherwell and Lech Poznan to set up a play-off clash with Inter after the two teams were paired together in Friday's draw.
Inter are back in Europe after a one-season absence and the club's former defender and now vice-president Zanetti insists they mean business.
"We care a lot about this competition and we want to go all the way," Zanetti told reporters after the draw in Nyon.
"We won't underestimate anybody because all teams are dangerous in Europe.
"Our opponents have already played three rounds in the competition so they are obviously in better shape than us.
"We need to prepare for the match in the best way. This is the first step but it is one that can allow us to begin our European journey."
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