The Briton has won the last four races in the 2014 Formula 1 season, with only his Mercedes teammate Nico Rosberg coming close to his pace, but the narrow street circuit is expected to help the constructor's rivals.
The 2008 world champion told reporters: "It's not the easiest thing to comment on because when you have [a dominant car] you don't want to wish it away, but at the same time you do want a race.
"The good thing is that unlike Sebastian [Vettel, the reigning world champion], who was leading by 30-40 seconds each race, it's not the case here, I'm racing my teammate. So I actually do have competition and I'm grateful for that.
"But of course I'm hoping this weekend to have a closer race with Red Bull, I was saying upstairs, it would be cool if it was scattered with Ferraris in the mix, Red Bulls in the mix."
Practice for Sunday's race gets underway in Monte Carlo tomorrow morning.