The Seleção das Quinas will lock horns with the host nation at Parc des Princes on Sunday, and head into the encounter as underdogs after seeing off the challenge of Wales in the semi-finals.
"They are, in my opinion, favourites because they are playing at home and that's a big advantage," Ronaldo told EURO2016.com.
"The whole country is going to support them, but it's a final and anything can happen. We're going to be prepared and we're going to be difficult to beat.
"Since the tournament started, nobody has beaten us, and I hope France aren't going to beat us either."
When asked about the prospect of adding the European Championship trophy to his already lengthy list of accolades, Ronaldo added: "It's something that I always dreamed of.
"It would be a huge achievement if I could win something with Portugal. My fingers are crossed because I believe, my colleagues believe, all of Portugal believes and the Portuguese community in France believe too.
"It's unique, a feeling of joy, because being in a final is something I wanted to achieve again. Now I will have the fortune, if everything goes well, to be playing on Sunday in a second final for Portugal.
"In a final anything can happen. We know we will face a great opponent, a great national team, but it's a final and anything is possible. It's going to be a tough game for both of us."