The 2008 World Champion has suffered a five-place grid demotion following a gear box change.
Hamilton said that the speed of his McLaren car means that he still has a fighting chance.
"We can still have a good weekend," the 27-year-old told Sky Sports News. "I started from third last year here and won, and in the last race the driver who won [Fernando Alonso] started quite far back, so anything is possible.
"I don't like starting at the back and not going anywhere, but if you have a quick car, which we do, then we still have a fighting chance from wherever I have to start.
"I'll try to minimise the damage by trying to qualify as high as possible."
Hamilton has finished on the podium in both races so far this season.