The Spaniards are the current world and European champions but the Barcelona star feels that neither side will head into the game as favourites, despite the Brazilians playing in front of their home fans in Rio de Janeiro.
"Both teams have arrived in a good moment and [Brazil] are at home," Xavi told reporters.
"I would say it is a 50/50. Of course it is not the World Cup, but it is the Confederations Cup and we enjoy it the same way.
"We don't have the trophy and we want to win it. We're delighted to be here and it is a special game."
Spain are currently on an unbeaten run of 29 competitive games.