As defending champions, Brazil are also among the favourites to take the trophy, but Menezes said that Argentina's spell without silverware will make them hungrier.
"In the same way that we are favourites in 2014 [World Cup], Argentina is the favourite [for the Copa America] right now," he said at a press conference on Monday. "More so, if you consider how long they have been without a title.
Menezes also said that Brazil's "hardest game" in the group stage would be their first, with Venezuela on July 2.
"We have to take advantage of every game and every moment that we have," he continued. "Our goal is to play a great Copa America, which is a key step on the way to the 2014 World Cup."
The 2011 Copa America begins in Argentina on July 1.