The Ligue 1 leaders travel to Mestalla for the first leg of the tie, and Lavezzi believes that there are no favourites at this stage of the competition.
"You cannot make a mistake if you want to continue. I think that in an instance like this, favourites do not exist. If you do things wrong, you're out," he told reporters at a press conference.
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"Valencia are a very good team playing very good football and they have experience in a competition like the Champions League.
"We do not think that anything will be easy. We know that Valencia are an important team with a track record in the Champions League, that is significant."Matches are to be played, not to be won by talking. We have the utmost respect for Valencia on the field and we will do everything to win the game."
The former Napoli forward was signed alongside Zlatan Ibrahimovic, Thiago Silva, Gregory van der Wiel and Marco Verratti last summer, and he admitted that the new-look team are getting better as time goes on.
"We are getting to know each other little by little, we are gelling, and we get more and more confident as the playing time with each other increases," he added.
"The longer we are together, the better the form of the team. This is normal for a team that is under construction. It is difficult to begin by being a good team."
The Argentina international will be in the line-up alongside Ibrahimovic on Tuesday night, and he admitted that the mercurial Swede is a joy to play with.
He added: "He is a player who has many strengths. It is easy to play with a player like him and no-one doubts that he will be great.
"He is also creating a lot of goals and that is something positive for the team."