Vicente Del Bosque's side are bidding to become the first side to retain the trophy following their success in South Africa in 2010.
However, on the back of their 3-0 defeat to Brazil in the final of the Confederations Cup last year, many are tipping the host nation to repeat that feat this summer.
But Torres believes Spain's experience marks them out as the side to beat, while acknowledging the added incentive for Luiz Felipe Scolari's side to win the trophy in front of their own fans.
He said: "For me, we are still the favourites to win the World Cup, but in a big tournament the hosts are normally favourites as well.
"The fact they will be playing at home and have a great squad means they will be just as strong. If we win the World Cup we will definitely have earned it."
The 30-year-old was something of a surprise selection in the Spain squad on the back of a disappointing campaign for Chelsea.
The likes of Manchester City star Alvaro Negredo and Juventus' Fernando Llorente were overlooked in favour of Torres, and the striker is hopeful of playing a starring role.
"I hope we win the tournament and I hope I play every minute, as I'm sure all of my team-mates do. We all dream of winning the World Cup and playing an important part."