La Roja have endured two disappointing World Cup campaigns since winning the trophy in 2010, being dumped out in 2014's group stage before suffering a last-16 penalty shoot-out loss to host Russia four years later.
However, the emergence of several young talents – including Pedri and fellow Barcelona midfielder Gavi – has enabled Luis Enrique to reintroduce a possession-based style of play Spain became renowned for under Vicente del Bosque.
With Spain set to begin its FIFA World Cup campaign against Costa Rica in just over two months' time, Pedri sees no reason why the class of 2022 cannot deliver a second World Cup win.
"Perhaps people don't expect so much from us, they don't see us as favourites, but inside we do see ourselves as favourites," he said.
"We will not wear the medal without doing anything. If we work as we should, the opportunity will come.
"There is always pressure at Barca and the national team. You have to try to escape, be calm and enjoy.
"Here and at Barca we have a team for everything. We work so that at the end of the season we can win everything we play."
Pedri, who does not turn 20 until November, has already won 12 senior international caps and established himself as a key player for Barcelona.
Now, he is setting his sights on competing for football's greatest individual honour.
Asked whether he saw himself as a future Ballon d'Or winner, Pedri said: "I hope I have the opportunity to be, it is a very complicated prize.
"You must be the best in the world, I have a lot to learn and improve so that this day can come.
"I worked a lot on the physical side, I still have to improve, but little by little I am adding small things. You can't put so much day by day because of the busy schedule, but you can always improve."
At club level, Pedri has struck up a fine understanding with Barcelona's new signing Robert Lewandowski, whose return of eight goals in six matches has helped Xavi's side to an unbeaten start in LaLiga.
"It's crazy, he contributes a lot of goals, assists, he's a machine in the area," Pedri said of the Poland international.
"It is spectacular to work with him, he helps young players, those who enter now or have been there for more years. He suits us very well."
Spain faces Switzerland and Portugal in its final two matches in Group A2 of the Nations League this month, having built a one-point lead over Fernando Santos' men ahead of those fixtures.