Los Blancos, who have won nine European Cups, are by far the more experienced side at this level of football, but Atletico enter the match fresh from their La Liga success last weekend.
"Atletico are the favourites, the present champions," he told Marca.
"Other years it's been won by others. This year it's their turn because they deserve to be there. We're playing for everything with just the one hand. It's a unique opportunity and it's true that nobody remembers who came second. Finals are there to be won."
It is the first time that the Champions League final will be contested between two teams from the same city.