PSG are to meet Arsenal in the semifinals, with the first-leg to be staged next week.
Figo, as an ambassador of the Laureus Academy, participated in a round table at the Palacio de Cibeles and declared: "For me, Paris Saint-Germain are the favorites.
"They are going through a very regular streak of results and are physically in great shape. But it is difficult to make predictions, I don't feel like saying with certainty who will win."
Figo, also formerly of Inter Milan and Barcelona, commented on their semifinal.
He continued: “They are two teams with different styles. But Inter is not just a defence, anyone who thinks so is wrong. Inter can also win the treble this year.
"They are a solid team in defence - few goals conceded in the Champions League - but they also have players capable of making the difference. So we need to do a more complete analysis, not just say that they are just a defensive team.”