Inter Milan won the Scudetto last season under Antonio Conte but the champions lost their title-winning manager as well as key players Romelu Lukaku and Achraf Hakimi to Chelsea and Paris Saint Germain respectively.
The Nerazzurri have augmented their forward line with Eden Dzeko, who continues to bang in the goals even at the age of 35 but they go into Sunday’s game eight points behind leaders AC Milan, who won 4-2 at Bologna on Saturday.
Juventus will come into the game as the side in form, having won four league games on the bounce after a poor start to the season.
Inzaghi acknowledges Allegri’s compliments but insists Inter are not the only side who can win the title.
"The championship is at the beginning," Inzaghi told a news conference. "It's a very important match between two very competitive teams.
"If [Allegri] says so, a coach I respect so much, it's nice. I could say the same about them, Napoli, Milan and more.
"We want to be favourites and we will try to do our best."
"Of course, Juventus are our historical rivals," Inzaghi added. "We will have to do well to make the match ours. They have recovered all their players, they have excellent results and we must give them great attention.
"We have always held our ground and lost only two games despite playing well, even deserving a different result.
"The progress is good, we have slowed down for a moment, but we are aware and play excellent football."