The arrival of Cristiano Ronaldo, the competition's all-time leading scorer, has boosted the Bianconeri's hopes of lifting the trophy for the first time since 1996, after two final defeats in the last five years.
Superstar forward Ronaldo was instrumental to Juve's exit in each of the previous two campaigns, scoring twice for Real Madrid in the 2017 final and then converting a controversial late penalty in last season's quarter-finals.
Massimiliano Allegri's men must first survive a tough group containing Manchester United, Valencia and Young Boys if they are to deliver on Bernardeschi's confidence, but the Italy forward is adamant he and his team-mates can go all the way.
"I feel this year we have a strong, complete squad with great players," the 24-year-old told Sky Sport Italy.
"We are perhaps the favourite to win the Champions League, even if it will not be easy because it remains a very special competition and things can change at any moment.
"It will be a great challenge. We feel strong enough to do the best we can, but obviously we have to prove it on the field."
Meanwhile, Ronaldo has yet to find the back of the net for his new club, but it is surely just a matter of time before the Portuguese maestro makes his mark on Italian football.
He will get his next chance when the Old Lady continue their 2018-19 domestic campaign on Sunday against Sassuolo at the Allianz Stadium.