Diego Simeone's high-flying Atletico side slipped to third on the La Liga table after Real Madrid's 5-0 win over Real Betis.
Atletico's game in hand is at home to Sevilla and Emery understands the size of the challenge facing his team.
"We're going to have to play the perfect match," Emery said.
"We'll have to play with intensity and be at our very best to win.
"They are favourites – that is clear. The evolution of Atleti under Simeone is just tremendous.
"They have improved in every facet of their game, and have established themselves as the third big team.
"We're going to have to build from the back and try to keep a clean sheet. If we're going to win, that's how we'll do it."
‘The pure simplicity of the way Slot has managed the squad is probably the biggest thing I could say about him. It’s not broken, so let’s get on with it’: Liverpool legend full of admiration for Jurgen Klopp's successor at Anfield
‘I trained at Spurs and thought they’d give me a chance. But I received a letter thanking me but saying they didn’t think I was good enough – I was gutted’: How Tottenham missed out on signing Wales legend John Toshack
