Rangers boss Ally McCoist has told Celtic counterpart Ronny Deila it would be dangerous to write off his team.
The Glasgow rivals - who have not met since May 2012 - will both go into the hat for Saturday's League Cup semi-final draw.
McCoist has taken umbrage at Deila's suggestion that Aberdeen and Dundee United would be bigger threats in the last four of the Cup than the Ibrox side.
He said: "Ronny is entitled to his opinion and maybe it makes sense because we are the only team from outside the top division. I can understand Ronny's logic, yeah.
Weaker
"I don't think it's unfair but then I don't necessarily agree with it. I can understand where he is coming from. In most cases you would think a team from a lower division that is left in a competition with three teams from the league
above is the weaker side.
"Ronny would be 100 per cent right in his beliefs if it was a normal playing field. But I don't think anyone can argue that in recent years, Scottish football has been anything but a normal playing field. We have got three of the top five clubs in the country playing in the division below the top flight. So that doesn't make it a normal playing field."
Rangers have overcome top-flight opposition twice on their way to the semi-finals - Inverness and St Johnstone both being knocked out at Ibrox - adding fuel to McCoist's self-belief.
"Celtic are favourites," he added. "Surely everybody will accept that? I think we are the outsiders along with Aberdeen and United. That's not mind games, it's the definite opinion of football fans.
"But we fancy our chances. I believe Aberdeen and United are two of the better sides in the country on their day but we have proved this year that against teams from the top flight, we can handle the occasion and we now look forward to the draw."
Rangers return to Dumbarton on Saturday for a Scottish Cup third-round tie but the build-up to the match has been overshadowed by events in the Ibrox boardroom.
Dialogue
Mike Ashley has tightened his grip in Govan after his £2m loan was accepted but McCoist concedes he has yet to speak to the Newcastle United owner.
"I wouldn't expect to (speak to Ashley or his people) but I'm obviously available to speak to any board members or shareholders should they want to," McCoist said.
"I do have dialogue with the chairman (Davis Somers). I spoke to him on Monday and then yesterday again. He's keeping me up to speed on what the board are doing and that is fine."