Lorenzo, who won the MotoGP championship in 2010 and 2012, also made it clear that he is determined to break his title drought.
With the 2015 MotoGP season set to begin on March 29 in Qatar, Lorenzo is eager to improve on his third place finish in the 2014 season. Lorenzo will also be hoping for a better finish in Qatar too after he was forced to retire last season following a crash.
However, the 27-year-old Spaniard will be encouraged by the fact that he set his fastest-ever time at the Malaysian circuit in Sepang during a test just two weeks ago.
"The test went very well, we have done a great job and I am better this year because I have not had to undergo surgery in the off-season," Lorenzo told motogp.com. "Yamaha and I finished well last year, but while we've taken a step forward with the new updates to the bike, the favourite is still Honda and Marquez.
"In Sepang we were not far away and at circuits like Assen, Mugello and Phillip Island we can be even better. I have a very good feeling with the bike this year even with all the changes, and while I was not the fastest in Sepang, I have managed two titles with the Yamaha, and have very high hopes for this year's bike.
"Our competitors are not asleep, especially Honda, and Ducati have also shown great pace. We do not start the year as favourites, thats obviously Honda and Marc, so we have to work hard to try and start the year as close as possible, to allow us to fight for the top step of the podium.
"Last year I was the rider with the most points from Germany to Valencia and finished the Championship very strongly. If we can start at the same level or even stronger, then we can definitely aspire to win the championship."