The Turin giants started last year as one of the outsiders for the Serie A title, but finished the season as the unbeaten champions, and Allegri hopes the Rossoneri can pull off a similar surprise this time around.
"Juventus have made some good signings and they are the favourites to win the title. However, you never know how things will pan out out in football," Allegri told Gazzetta dello Sport.
"Last year, everybody thought that we would dominate the league and that it would be a duel with Inter. But in the end Juventus went on to win the title without losing, so who knows..."
Allegri then went on to discuss the departure of Zlatan Ibrahimovic to Paris Saint-Germain, and revealed Milan will have to change their style of play in order to quell the absence of the talismanic Swede.
"Ibra was a real focal point in attack. We will now have to play differently," he noted.
"It will be a crucial year for guys like [Alexandre] Pato and [Kevin-Prince] Boateng. They will have to make the final step-up. I think that it will be good for them to have more responsibilities, though."
Milan will open the 2012-13 Serie A campaign with a home match against Sampdoria.