Chelsea open their campaign in the semis on Thursday against Monterrey.
Cech said: "We were already straight into the semi-finals, like Corinthians, so we have to be seen as the favourites.
"I can live with that fact. It's not a problem for us. We came to do our best and try to win the competition, and we can assume the position of favourites and will try to prove this on the pitch."
The Club World Cup has been derided by some as an unwanted distraction for European teams, with the Champions League still seen as the ultimate prize.
But Cech said: "I'm actually very happy that we can be here for this tournament. It means a lot to every player to play in great tournaments.
"You only get the invitation to play here if you win the Champions League, and that's not easy to achieve. It took me eight years at Chelsea to get the invitation to play in this tournament.
"We hope we make the most of it and win. The last two results were very good for us, so we will try to carry on with this momentum and that can take us through."