The two-time 250cc world champion was the rookie of the year in 2008 after finishing in fourth position in the standings, following one win a four pole positions.
But the Yamaha rider, whose team unveiled their new bike on Monday, believes he is still lacking experience to fight for the title this year.
"It is difficult," Lorenzo said of his expectations for the championship. "It is very difficult, firstly because I don't have the experience to fight for the title. I think that right now there are riders with more experience.
"Above all there is a great champion in the shape of Valentino Rossi, who I have in the box next to me, and in theory he is the favourite.
"Not only that, I have three riders who in principal are more of a favourite than I am so the most important thing is that we get closer to our objective every season, become faster and learn more. But I don't think I am the favourite for the title."
He added: "I think that people have higher expectations for the results of Pedrosa, Stoner and Valentino. Yes, it is true that I started the year really well, with a victory in the third race of my first season. I started very strongly but that doesn't mean to say that the same will happen every time and that every season is going to start out the same for me.
"Things change and every year is different. For example this year we have new rules and things could be different. I am currently working very hard so that one day I can become World Champion, which is my objective. I don't know if I will achieve it next year, within two years or within five but that is the objective."
Lorenzo, who had an erratic middle part of the season that included several crashes, admitted his injuries have not yet healed completely, but he is confident he will be perfectly fit for the first race of 2009.
"They're not 100% because I'm still missing a little mobility in my ankles, especially in the left one, but little by little they are clearing up.
"Many months have passed since the crashes and right now the problems I had with my forearms and my ankles, thanks to the specialists who I am lucky enough to have, the situation is gradually improving and I think that I will be if not 100% then around 95 or 97% before the start of the season."
The Spaniard, who used Michelin tyres in 2008, said he was already feeling confident with the Bridgestone rubber all teams will use this year.
"I like them a lot, especially Bridgestone's front tyre, which they have achieved over several years of hard work," he added. "It is a factory with a lot of hunger and in the end they were able to dethrone a giant, which is what Michelin were, even though I don't know what would have happened if the championship had stayed the same.
"What is clear is that Bridgestone is an impressive company and right now they have control in the championship. As far as rider feedback from the tyres is concerned, they are really good, especially under braking as I said, you can brake very, very late."
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