Brazil finished top of the CONMEBOL qualifying group with a superb unbeaten record and six points ahead of Copa America champions Argentina.
"We're not the big favourites just because we have the five stars on the crest of our jersey," Rodrygo told Marca in an interview.
"We're among the strongest, that's for sure, but there are other great teams.
"In a World Cup there is no single favourite because there are strong teams, but we're aware that we have a very strong group and we have everything we need to win the World Cup."
Rodrygo said arch-rivals Argentina could pose a threat after their continental success.
"This is a World Cup and it's difficult. But, after winning the Copa America, they showed that they're very dangerous," the former Santos player added.
Brazil begin their World Cup Group G campaign against Serbia on November 24 before playing Switzerland and Cameroon.
