The World Cup hosts impressed at the Confederations Cup earlier this year as they beat Spain 3-0 in the final and Ronaldo believes they have what it takes to repeat that feat on home soil next year.
"It's not the same as the World Cup, but the team showed their potential at the Confederations Cup," the former Brazil star told the official Fifa website.
"With time to train, Brazil improved a great deal. It really gave Brazilians hope that we might win the World Cup at home. We’ve got a great chance.
"Spain and Germany are candidates, but Brazil have shown how strong they are, and we’ll be playing at home. I’d say that the favourites are Brazil, Germany and Spain, in that order."
Ronaldo is in danger of losing his record as the World Cup's all-time top goalscorer to Miroslav Klose, but he's not too worried about no longer being the top dog in the record books.
"I believe that records are there to be broken. It doesn’t worry me. Someone is bound to break the record one day. I made my name scoring lots of goals, and that will never be forgotten.
"My personal history and my 15 World Cup goals will never be erased. If he scores more than me, I’ll congratulate him, and of course I admire him. But he’ll never take away my goals or my history."
Ronaldo is on 15 goals, with Klose trailing him by just one goal ahead of next year's tournament.