"You would have to say South Africa are (favourites) in that they have three home games," said Hansen after watching New Zealand hammer Australia 39-10 in Auckland on Saturday.
Hansen's men now top the Tri Nations table with a total of 10 points from four games, with Australia a point adrift and South Africa a further four points behind.
Despite his assessment of the Boks' chances, Hansen was impressed with his side's performance against the Wallabies and is in no doubt that the All Blacks have the potential to go on and retain the title they won prior to last year's World Cup disappointment.
"We're in charge of our own destiny," said the former Wales coach.
"If we can win our remaining games, then we have a big show."