The American team have traditionally been more strongly fancied to win the event considering their early dominance of it, but that has all changed in recent years, with Europe having won five out of the last six tournaments.
Europe also have four of the world's top-five ranked players in their 12-man team, as well as two Major winners from 2014, and McGinley was not hiding away from the fact that his side are expected to win at Gleneagles.
The Northern Irishman did warn, though, that the US dozen could be 'galvanised' in their unusual position as underdogs.
"I think we are going to be just slight favourites but that is something we should embrace and be proud of," he told Sky Sports News "I had lunch with John Jacobs, forefather of the European Tour, last month and there was tears in his eyes when he talks about how far we, and the European Tour, have come in Ryder Cups in terms of going into matches now as favourites.
"The strength we have in the European Tour is something we should be proud of. We have the No 1 player in the world, the most exciting prospect in the game in Rory McIlroy. Martin Kaymer won the US Open, Justin Rose last year and on and on and on in terms of performances - all something we should be proud of.
"We shouldn't be ashamed of it, but at the same time we'll be very aware it could galvanise America and it probably will. They are very much a wounded animal after the last Ryder Cup and the manner of the defeat, and Tom Watson will be reminding them of that and I think they will be very formidable. As much as we are favourites, we're proud of it and embrace it, we're under no illusions the task ahead of us is strong and we're going to have to play very well if we are going to win the Ryder Cup."
McGinley was a playing member in Europe's three consecutive victories from 2002 to 2006.