Paulo Bento's side have been drawn in the same group as Germany, Netherlands and Denmark but the Real Madrid star feels they will challenge for the title
Spain defender Sergio Ramos believes that Portugal should be regarded as one of the favourites to win Euro 2012.
Paulo Bento's side stuttered their way through the qualifiers have been drawn in the tournament's 'Group of Death' alongside three former champions in Germany, Netherlands and Denmark.
However, Ramos, who plays alongside Cristiano Ronaldo, Fabio Coentrao and Pepe at Real Madrid, believes that Spain's Iberian neighbours should not be underestimated - in spite of their 0-0 draw with Macedonia at the weekend.
"One of the favourites for me this year, despite the group they're in, is Portugal," the versatile defender is quoted as saying by his club's official website. "They have players of tremendous quality.
"I'm lucky to play with some at Real Madrid and I believe they can stand out in the Euros."
Ramos' teammate at club and international level, Xabi Alonso, is also wary of the threat posed by the Portuguese and insists that there is not the slightest bit of complacency in the Spanish camp ahead of the big kick-off.
"These Euros will be complicated and, despite what bookies say, I don't see that we're clear favourites," the midfielder argued. "We have to be wary and humble within all this speculation. It will be tough for Spain.
"Certainly, Portugal have a great team and it wouldn't surprise me if they went far."
Spain have been drawn in the same group as Italy, Republic of Ireland and Croatia.