The Swiss defeated the Scot in four sets last year to win his seventh title at SW19 and is now in pursuit of a record-breaking eighth crown.
However, Murray has since gone on to win gold at the 2012 Olympics as well as the US Open, and Federer feels that the world number two is the favourite for the tournament.
"After Wimbledon last year he actually got much stronger," Federer told the Daily Record. "That's why he has now increased his chances of winning big tournaments. He did it at the Olympics and the US Open. Now he's the favourite every tournament he goes into around the world.
"I think Murray played great last year throughout Wimbledon and the Olympics, and now again at Queen's. So for me he seems like maybe the most natural on this surface, you know, of the other main guys.
"But then the other guys, Rafa [Nadal] and Novak [Djokovic], are already Wimbledon champions. David Ferrer is in the top four and also very good but for me Andy sort of stands out a little bit over the others."
Both Federer and Murray are in first round action at Wimbledon on Monday.