But before you dismiss the other six contenders in the outright market, don't forget that the two South American giants have only won one of the last four Copa America tournaments between them.
As Euro 2020 has proven, anything is possible in the knockout stages of a major tournament. With that in mind, here's special look at the final week of the competition.
Three wins from four games. Ten goals scored and just two conceded. It's no surprise that Brazil are priced as short as 8/11 to defend their Copa America title.
But while those numbers do look impressive, it's fair to say that Tite's men have taken their foot off the gas during the last two games.
Brazil kicked off the tournament in style winning 3-0 against Venezuela and 4-0 against Peru.
But a controversial 2-1 win over Colombia and a mere 1-1 draw against Ecuador has cast a slim shadow of doubt regarding their title winning credentials.
With the hosts offering little value in the outright market, it may be best to look elsewhere.
Argentina, for instance, are currently second favourites at 2/1 to win their first Copa America crown since 1993.
Lionel Messi, who has recently turned 34-years-old, is running out of time to claim his first major international honour with the national team.
Considering Argentina are in good form and Messi is desperate to solidify his legacy, La Albiceleste may be worth a go at their current price.
The third favourites, according to the bookmakers, are Uruguay.
At 10/1, Oscar Tabarez's side would appear like a golden betting opportunity. But beware.
The team may have finished second in their group but they're not firing on all cylinders. Uruguay picked up two wins from their four group games however, their low amount of created chances is concerning.
What's more, their quarter-final clash against Colombia doesn't exactly represent an easy draw.
Despite finishing third in their group, Colombia certainly impressed in their latest outing; a 2-1 defeat to Brazil which was rather controversial considering the ball hit the referee in the build-up to Brazil's first goal.
Colombia are themselves priced at 20/1 to claim what would be only their second Copa America title.
Should they have a full team to their disposal, Reinaldo Rueda's side cannot be easily underestimated.
The reason for such long odds is simple - their quarter-final is against Brazil. However, should La Roja prevail in Rio de Janeiro, they will undoubtedly become one of the favourites to go all the way.
There is of course one major obstacle. History.
Even though the Copa America has been contested for the last 105 years, Brazil have only ever lost two games when playing on home turf - last such defeat took place in 1975 against Peru.
With that in mind, that 25/1 price suddenly doesn't look so long.
Planet Sport tips
Tip: Argentina 2/1
Rank outsiders: Chile 33/1
3 - Lionel Messi (ARG)
2 - Alejandro Gomez (ARG)
2 - Neymar (BRA)
2 - Edinson Cavani (URU)
2 - Eduardo Vargas (CHI)
2 - Ayrton Preciado (ECU)
2 - Angel Romero (PAR)
2 - Andre Carrillo (PER)
Race for Golden Boot wide open
As things stand, it's Lionel Messi who narrowly leads the way in the race to become the tournament's top scorer.
The six-time Ballon d'Or winner has scored three goals as his national side topped Group A.
With Argentina expected to progress far in the competition, Messi is likely to have many more opportunities to extend his total.
The current free agent is the bookmaker's favourite at the price of 7/4 to win the golden boot - not a bad offer for one of the world's greatest goal scorers.
However, once Brazil were eventually tested - in their third group game against Colombia - the player was quiet for large periods of that match.
The player is under pressure to deliver the goods in high-pressure games and help his nation to another Copa America title.
The pair have been priced at 15/2 and 25/1 respectively. Those odds seem about right considering Uruguay's recent troubles in-front of goal. On top of that, they have a tricky quarter-final tie with Colombia.
Arguably the most interesting player in the market is Chile's Eduardo Vargas.
The 31-year-old is joint-fifth on the all-time Copa America goal scorers list with 14 tournament efforts to his name.
Should the former Napoli, QPR and Valencia man bag three more Copa America goals, he will tie the joint-leaders, Norberto Mendez (Argentina) and Zizinho (Brazil).
With two goals already to his name in this year's competition, Vargas is certainly a tempting betting option.
Planet Sport tips
Tip: Lionel Messi 7/4
Rank Outsider: Eduardo Vargas 15/1