More than 100 years ago, Henri Poincare in his pioneering study showed that the inviscid base flow in a precessing spheroid is described by a constant vorticity solution, the spin-over mode. Since then there have been repeated discussions whether the geodynamo is driven (or at least influenced) by precession. More recently, precession has also been considered as an important mechanism for the explanation of the ancient lunar dynamo. Experiments with precessing fluids in cylindrical and in spherical geometry showed that precession indeed is an efficient mechanism to drive substantial flows even on the laboratory scale without making use of propellers or pumps. A precession dynamo experiment is currently under construction within the project DRESDYN (DREsden Sodium facility for DYNamo and thermohydraulic studies) at Helmholtz-Zentrum Dresden-Rossendorf (HZDR) in which a precession driven flow of liquid sodium will be used to drive dynamo action. In the present study we address related numerical and experimental examinations in order to identify parameter regions where the onset of magnetic field excitation will be possible. Preliminary kinematic dynamo models using a prescribed flow field from hydrodynamic simulations, exhibit magnetic field excitation at critical magnetic Reynolds numbers around Rmc ≈ 430, which is well within the range of the planned liquid sodium experiment. Our results show that large scale inertial modes excited by precession are able to excite dynamo action when their structure is sufficient complex, i.e. the forcing is sufficient strong. More advanced models that take into account the container’s finite conductivity show that boundary conditions may play an important role, but the critical magnetic Reynolds number will still be achievable in the planned experiment. Finally, we discuss the role of turbulent flow fluctuations for the occurrence of dynamo action.