Speaking to Spanish outlet SPORT, the 17-year-old was full of confidence as Hansi Flick’s side continue to impress in Europe’s elite club competition.
Yamal said: "We are the favourites for the Champions League. When the group stage ended, I said that Liverpool were the favorites because they were first (in the group stage), and now that they have been eliminated, it's us."
Barcelona have lost just once in the Champions League so far this season, a 2-1 defeat to Monaco in their opening game.
They went on to finish second in the new league phase, behind Liverpool, before beating Benfica 4-1 on aggregate in the round of 16.
The Catalan club are also leading the race for the La Liga title, level on points with Real Madrid on 60 with a game in hand.
Flick’s side have scored an impressive 132 goals in just 43 games across all competitions so far this season, averaging 3.07 goals per game.