By ESPNSTAR.com staff
Brazil are almost in uncharted waters at the moment with the national team suffering early exits at recent major tournaments - they were knocked out of both the 2010 World Cup and 2011 Copa America in the quarter-finals.
However, Brazil's enormous reputation in world football means they are considered favourites to win every tournament they enter in which includes the upcoming Olympic Games and next year's Confederations Cup.
"Brazil are in a period of rebuilding," Ronaldo told FIFA.com.
"We'll be competing at the Olympic Games with a very strong generation of players who will be gaining international experience and who should form the nucleus of the team for the Confederations Cup. That competition will be very important in terms of fine tuning the team further for 2014 [World Cup].
"I believe Brazil are always favourites, but we'll have demonstrate why out on the pitch, as this will be a very even tournament."
Ronaldo points out that with the current FIFA World Cup holders Spain and at least two former world champions in Brazil and Uruguay certain to take part, next year's tournament should be an evenly balanced affair.
"Without a doubt. What global event brings together the likes of Brazil, Spain, Uruguay, Mexico and maybe even Germany, Italy, England or France? With four former world champions, that would be no ordinary competition," he said.
"Any side that puts on impressive displays at the Confederations Cup will certainly be among the favourites in 2014."
Ronaldo managed 98 caps for Brazil during his career with 62 goals, and he was a part of the squad that won the 1994 and 2002 World Cups.