PSG, who made the 2020-21 Champions League semi-final and were runners-up in 2020, added Lionel Messi during the off-season along with several other big-name signings.
Pochettino’s side signed Gianluigi Donnarumma, Sergio Ramos and Georginio Wijnaldum as free agents, along with adding Achraf Hakimi.
Speaking ahead of Wednesday’s Champions League opening game in Belgium, Pochettino attempted to take the favouritism off PSG who have won five from five in Ligue 1 this term.
“Are we the favourites? It’s possible that we and Chelsea are the two teams to beat on paper, given our squads, but Chelsea are the current champions,” Pochettino told reporters.
“They have invested even more than Paris this summer. For me, they are therefore the team to beat.
“We are a club that has recruited a lot of players, but now we need to establish the building blocks in order to become a huge team.”
Chelsea signed Romelu Lukaku, who scored the winner in Tuesday’s 1-0 home victory over Zenit St Petersburg, while they have also added Saul Niguez from Spanish champions Atletico Madrid.
Manchester City loom large as contenders, having been runners-up last season, with Jack Grealish their major off-season addition, having failed to land Harry Kane or Erling Haaland.
Pochettino added that he wasnt feeling any extra pressure with PSG following their off-season transfer activity after coming close to continental glory in recent campaigns.
“We know that we will be judged on our results at the end of the season. There is always pressure, in all clubs,” he said.
“We know that for Paris Saint-Germain, the Champions League is a major objective.”