The Selecao are second behind Germany with the bookmakers as they look to atone for a humiliating 7-1 defeat to Joachim Low's side in the semi-finals on home soil four years ago.
And iconic full-back Roberto Carlos is tipping the five-time champions - led by coach Tite - to reclaim the biggest honour in international football.
"Brazil are favourites," he told Omnisport, speaking courtesy of Hublot. "I'm Brazilian, of course I'll want Brazil to win the World Cup.
"I see Brazil playing and I can't find any other team which is playing like them.
"The Brazilian squad is a group, it's not only Neymar. That's such a strong group.
"And beyond that, they have an extraordinary coach. Brazil is the favourite.
"When you lose a game as we lost in 2014, or having been eliminated in the semis, what I see is that, with this new coach and this squad, it's time Brazil starts winning again."
"One squad with five world titles must win the sixth," he continued. "Spain has one, but they have a great squad. The thing is that everybody knows how Spain is playing.
"Brazil has a new model of playing football. This can be a surprise to the opponents."
Neymar is recovering from foot surgery after fracturing a metatarsal during Paris Saint-Germain's Ligue 1 clash against Marseille in February.
"Neymar is going the right way," added Roberto Carlos. "It's a pity about this injury but Neymar is doing everything right to be the best in the world."