The Catalans were held to a scoreless draw by the Rossoneri at San Siro in the first leg, but Baresi, who made over 700 official appearances for Milan, has insisted that Barca remain the team to beat ahead of Tuesday's return clash at Camp Nou.
"After the first leg, I still think that Barcelona are the favourites to progress. That's not just my opinion, but that's the general consensus in Italy," Baresi said to AS.
"However, Milan have a decent chance as well. The most important thing is that they didn't concede at San Siro. Denying the Barcelona forwards was a tough task, but that objective was achieved.
"Milan have been playing very well, but doing just that against Barcelona is a different story. They are very spectacular and efficient. Tuesday's game will be a great match."
The second leg at Camp Nou kicks off at 20.45CET.