The Germans bowed out of Euro 2020 after a disappointing display in the 2-0 last 16 defeat to England on Tuesday at Wembley, which was Loew's 198th and final game in charge.
Germany qualified from Group F alongside France and Portugal, but all three teams exited in the last 16.
Despite winning the World Cup in 2014, the 61-year-old has been fiercely criticised for his role in a humiliating group-stage exit from the 2018 World Cup and a series of poor results before the Euro.
Euro 2020: Germany’s Antonio Ruediger, Ilkay Gundogan return for final training session ahead of England clash
Chelsea centre-back Ruediger had missed training on Sunday with a cold while Manchester City midfielder Gundogan was sidelined with a head knock.
The German team, however, remains a work in progress for Joachim Löw in his last tournament as coach.
Germany now face Gareth Southgate's England in London next Tuesday for a place in the quarter-finals.
Vowing defiance, Munich was planning to put up rainbow-coloured flags at its town hall and illuminate a huge wind turbine close to the stadium, as well as the city's 291-metre (955-foot) Olympic Tower.
Germany need a draw to reach the last 16 but defeat would see Hungary go through and possibly condemn Joachim Loew's side to another group-stage exit, just like at the 2018 World Cup.
Euro 2020, Portugal vs Germany, Highlights: Kai Havertz, Robin Gosens' goals in second half secure win for Germany
Catch the Live score and updates from the Group F match between Portugal and Germany
The Germans have home advantage in Munich, but on the evidence of recent performances they will struggle to win the latest heavyweight showdown in Group F.
Euro 2020: Defender Antonio Ruediger says Germany 'have to be a little dirty' against world champions France
Fresh from winning the Champions League final with Chelsea, Ruediger insists the Germans can ill afford to allow France's star forwards like Kylian Mbappe and Antoine Griezmann room to attack.
With Joachim Loew departing after the tournament and a replacement already set to take over, expectations are low for Germany at the European Championship.
After a two-year exile from international football, Thomas Mueller and Mats Hummels are set to crank up the volume on the pitch for Germany's bid to win Euro 2020.
Germany have a warm-up friendly against Denmark on Wednesday and another against Latvia on 7 June before starting their Euro 2020 campaign against France in Munich on 15 June.
Flick helped mastermind a golden era as Loew's assistant coach for eight years up until 2014, culminating with Germany's World Cup win in Brazil.
Euro 2020: Outgoing Bayern Munich boss Hansi Flick to succeed Joachim Loew as Germany coach after tournament
Flick, who was assistant coach to Loew when Germany won the 2014 World Cup, has long been the favourite to take over from Loew, who will leave the job after 15 years in charge later this year.
Dortmund defender Hummels, 32, and Bayern Munich forward Mueller, 31, were both axed by Loew in March 2019, but the 2014 World Cup winners have been recalled on the back of strong performances for their clubs.
Zidane hinted on Saturday he could leave, saying he believes "there comes a time when it's the moment to change".
According to media, Zidane, who has a contract until 2022, informed his squad a week ago that he was going to leave when the season ends next week.
Flick is the red-hot favourite to replace Loew, having asked to be released from his Bayern contract.