Barca travel to the Bernabeu currently trailing leaders Los Blancos by four points with just 10 games remaining.
Laudrup, who has played for both clubs, believes that a seven-point lead in the latter stages would be "very complicated" for Barcelona to overturn.
"Real Madrid are favourites because they are playing at home, but both teams have players who can change the balance game," he told Cadena COPE.
"Real Madrid were behind but now have the chance to knock a rival like Barcelona out of the title race because it a seven-point deficit with nine games would be very complicated."
Madrid have not been beaten in their last 31 games in all competitions.