The Guangzhou Evergrande coach has not ruled out the Bianconeri for Champions League glory, but believes they will have to overcome a number of better teams
The Serie A champions finished ahead of Shakhtar Donetsk, Chelsea and Nordsjaelland in Group E to book their tickets for the knockout stages, but Lippi believes they still have work to do if they are to win the competition for the first time since 1996.
"For me, there are four clubs left in the draw who are a few rungs above everyone else: Barcelona, Real Madrid, Manchester United and Bayern Munich," Lippi told Daily Record.
"These teams are the favourites but there’s no doubt Juventus have quality and will be aiming to challenge.
"Juventus are a strong side and I know they are very motivated to get through the tie and make progress in this competition. The Champions League has always been a very important tournament for the club and they’re determined to go as far as they can this year."
Juventus lock horns with Celtic in the round of 16, with the first leg of the tie scheduled to take place at Parkhead on Tuesday evening.