Brazil was bounced from the 2010 World Cup in South Africa in the quarterfinals and they're sitting at just No. 10 in the latest world rankings.
But playing on home turf in 2014, they are nonetheless favorites on 2014 World Cup odds futures lists at most international sportsbooks.
The updated odds to win the 2014 World Cup have Brazil sitting as the 3/1 favorites, followed by Argentina at 9/2, Germany at 11/2, and defending-champion Spain at 7/1.
The latest FIFA world rankings - which are set to be updated at the end of this week - have Spain at No. 1, Germany at No. 2, and Argentina at No. 3.
Belgium then sits at 14/1 on those same odds to win the FIFA 2014 World Cup, with France at 20/1, and each of Italy, Uruguay, and Colombia at 22/1.
Colombia, at No. 4 in the current world rankings, is hoping that injured striker Radamel Falcao will be healed enough to play in the World Cup this summer; he's recovering from a January knee operation.
The Netherlands fell 1-0 to Spain in the championship game of the 2010 World Cup in South Africa, and sit at 25/1 on the 2014 World Cup odds at the sportsbooks, just ahead of 28/1 England.
The English team is expected to play without forward Theo Walcott, who is also rehabbing a serious knee injury.
Portugal rounds out the top five of the current world rankings but sits back at 33/1 on the odds to win the 2014 World Cup, with Chile at 40/1, Russia at 66/1, Switzerland at 80/1, and both Mexico and the United States at 100/1.
The Americans, at No. 14 in the current world rankings, fell to Ghana in the Round of 16 at the 2010 World Cup.
And the United States will have to contend with Ghana once again at the 2014 World Cup in Brazil, with those two teams along with Germany and Portugal making up a tough Group G at the tournament.
Germany is the -200 favorite to win that group at the sportsbooks, with Portugal at +275, and Ghana and the United States both +1200 longshots.
The World Cup props at the sportsbooks have the United States set at 2/7 odds to be eliminated in the group stage, 9/2 odds to get bounced in the second round, and 10/1 odds to lose in the quarterfinals.
As well, the Americans are at 25/1 odds to lose in the semifinals, and at 50/1 odds to be the runner-up at the tournament, which gets underway on June 12.
Odds are already posted for the opening games with Brazil a big favorite against Croatia to open the tournament June 12. Spain and Holland lock up in a huge Day 2 battle where the defending World Cup champion Spanish are slight favorites.