However, the Spaniard is confident that his side, who claimed the La Liga title on Saturday, will upset the odds in Lisbon.
"We don't care what people say. We'll do what we usually do: We'll do our talking on the pitch. We'll give 100% and we'll see how the match unfolds. They are the favourites, but we have our weapons, too," Inside Spanish Football quotes Suarez as telling reporters at a press conference.
"Real Madrid are used to playing these types of finals, but they were also favourites to win La Liga... We have to believe we can win and fight for the game. I hope we can come away with the victory.
"The important thing is that the team arrives there in good form, physically we are in good shape and we're hungry. At this point, we've already won four titles and we'll see if the fifth comes on Saturday. We really want to continue competing. It'll be a good game against our arch-rivals."
It is the first time that the Champions League final will be contested between two teams from the same city.