The Brazil Under-23 side kick off their campaign against South Africa and are looking to win their first Olympic title.
The country's senior team even made allowances for Barcelona forward Neymar to sit out of Copa America so as to be ready for the Games.
However, Elber is not confident that the team can clinch gold at the tournament played on home soil.
I think the players of the Brazil national team, they have no heart. In my eyes they have no heart," state the ex-Bayern Munich forward.
"Compared to this generation, the likes of Ronaldo, Kaka, they stayed hungry, they were really hungry about the titles.
"I think that’s the difference between the team 10 years ago and the team now."