Sebastian Vettel is the outright favourite, but Red Bull's rivals are also in the running for spoils in 2012.
That is the claim of Brazilian legend and two-time world champion Emerson Fittipaldi.
"It seems that Sebastian Vettel will be the guy to beat again, since the strong Red Bull project counts on Adrian Newey, who is a genius," the 65-year-old is quoted as saying by Globo.
"But we can't forget that Ferrari and McLaren have very big and competent structures, and excellent drivers, with all the conditions to be at the top," added Fittipaldi.
He also commented on the return in 2012 of former world champion Kimi Raikkonen, who kicked off his campaign this week with a test in Lotus' two-year-old Renault car.
"As a very talented driver, he has the ability to be very fast again, even after two years away," said the winner of 14 grands prix.
"But he will have to adapt quickly. The first six months will be crucial for him."