The country stages its first major football tournament since 1950 and Brazil will be hoping to be crowned world champions in front of their home fans.
Scolari returned to manage the national side for a second spell in November 2012, guiding Brazil to 13 wins in 19 matches, and he believes they can continue that form into the finals.
"I think we have a great chance," he said at the launch of the new national kit in Rio. "We're playing at home, we've got a great team, excellent players and our home supporters."
The coach's comments were echoed by former international striker Ronaldo, the 37-year-old labelling the Brazil as favourites for the title.
Ronaldo, who is one of six ambassador's for the competition, is confident their triumph in the Confederations Cup will serve them well.
"I think that after the Brazilian Confederations Cup victory, we are back to being the favourites to win the World Cup," he added.
"We played very well in the Confederations Cup and in my opinion, Brazil is now the top favourite."
