In what would be the biggest competitive match in the history of Australian club football, the Wanderers must first get past Al-Hilal to win the Champions League, automatically booking their place in December's global club championship.

If the Wanderers then won their first match in Morocco, which could be against any of Auckland City, Moroccan side Moghreb Tetouan, Mexican team Cruz Azul or the winners of the African Champions League, they would advance to the semi-final.

It would be in the final four that they would be drawn against Real Madrid, 10-time European champions, or reigning South American champions, Argentinian side San Lorenzo.

The mind-boggling prospect is still a fantasy of sorts, for getting past Al-Hilal is hardly assured. Early markets have the Saudi Arabian giants pegged as slight favourites – perhaps because of the crucial advantage of hosting the decisive second leg.

But that can't stop the Wanderers from peeking over the horizon to wonder about what it would be like to take on arguably the world's biggest club.

"Maybe I'd better watch them on ESPN in the European Champions League at 4.30am," joked Wanderers striker Labinot Haliti before Real's match with Ludogorets, which the Spaniards won 2-1. "[Alvaro] Arbeloa is their right back, so I might look at him."

However, expect coach Popovic to diffuse any dream which extends beyond the play-off against Al-Hilal, the first leg of which will take place in Sydney on October 25. The opportunity of a huge crowd – and a massive financial windfall – is likely to see the match shifted from Parramatta Stadium to ANZ Stadium.

"I don't want to think that far ahead [to the Club World Cup]; we know what's at stake, but we still have a job to do and Al Hilal deserve to be there too," Haliti said. "They won the first leg 3-0 and while they lost the second leg 2-1, they were comfortable in that game [against Al-Ain]. I think they'll be good opposition and it'll be a good game."

Victory against the Saudi powerhouses would go some way to erasing the pain felt by the Wanderers from back-to-back A-League grand final defeats. Haliti believes there are lessons from both of those losses, against Central Coast and then Brisbane, which will hold them in good stead.

"You learn from the losses and you become stronger. Obviously this is a different competition, but it's a final and the good thing about this one is it's over two legs," he said. "We'll play the first one at home and, whatever happens in the first game, we know it'll only be half-time. So it's not one-off but it's something we're excited and looking forward to."

Haliti said the Wanderers were not only proud of making it this far but of helping to bring respect to Australian club football across the continent.

"This is perfect for Australian football. We're going to different places and telling people in Asia, 'Hey, we're a force'. Especially with the Asian Cup coming up people will look at Australia and Australian football differently, and that's great," he said. "If we can contribute to taking the game to another level we're happy; but we're not getting ahead of ourselves."

One factor that may prove unexpectedly beneficial ahead of the second leg is that the Wanderers are already well-adjusted to Middle Eastern conditions, having recently come back from a 10-day training camp in Dubai. That was meant to be as part of the A-League pre-season but it may provide a more direct assistance in acclimatising to the conditions in Riyadh.

"It's a massive help," Haliti said. "We had 10 days there and we had everything there – the fields, the hotel, the preparation, everything was perfect and spot on. That helps massively and I think everyone's come back fitter."