Alonso won the Monaco Grand Prix in 2006 and 2007

Renault's Fernando Alonso is targeting a hat-trick of wins at Sunday's Monaco Grand Prix but conceded his former team McLaren go into the race as favourites.

Alonso, who led home Lewis Hamilton for a McLaren one-two in 2007, hopes he can pull off a shock win for Renault.

"This track will be good for us and a little opportunity to fight with the top teams," said the Spaniard.

"But regarding how McLaren performed here last year, I think they are clearly the favourites."

Renault have not won a race since 2006 and Alonso, a double world champion with the French team, has not been on the podium since he left McLaren at the end of last season.

But Alonso conceded his hopes of a third straight victory rested upon the testing conditions of Monaco's street circuits rather than Renault's competitive.

"We have always some surprises in Monaco, some cars that perform here better than the normal tracks," Alonso said.

"In 2004, the Renault was not in a position to win races or to fight for podiums and we arrived in Monaco and Jarno Trulli won the race and I crashed in the tunnel when I was second.

606: DEBATE I think Hamilton has a great chance in these conditions but I would also like to see Alonso on the podium Macha

"But seeing how we are this year, and how we are not at a good level to fight for victories, we cannot arrive here too optimistic."

The aftermath of last season's Monaco Grand Prix precipitated Alonso's falling out with Hamilton.

McLaren later admitted they had asked Hamilton not to challenge Alonso for victory, a decision which infuriated the English rookie.

Now, Alonso is reluctant to talk up Hamilton's chances at Monaco and said: "I don't know, I don't care.

"I know that the week after [in 2007] there was some talk, some rumours, but they were not my problem."

Meanwhile, Hamilton insists he has put last year's ill feeling behind him and is determined to win on his own terms this time.

"At the time I wanted to win because it is one of the most special races there is," Hamilton said.

"Looking back, the team did the right thing, but I don't have any regrets with regard to what I did or said last year.

"You learn a lot when you are behind someone. You also learn more and more about the circuit, so coming here I should hopefully be in a better position."

McLaren are traditionally strong in Monaco while rivals Ferrari, who have won the last four races, have not won in Monte Carlo since 2001.

But Hamilton, who trails Ferrari's championship leader Kimi Raikkonen by seven points, expects a tight race on Sunday.

"Everyone knows at this track the driver has more of an influence," said the 23-year-old.

"It's about the driver with the biggest balls who can get closest to the barriers.

"I do feel to be on the limit, to get pole position, to be out front, to be the fastest, you have to use every inch of the road."

For me there is nothing like Monaco - it's the legend amongst all the races Kimi Raikkonen

Raikkonen is also expecting his Italian team to be a force this weekend and is targeting victory to extend his championship lead.

"I feel the car is stronger at this type of track compared to last year," said the Finn, 28.

"We struggled last year in Monaco, but I feel Ferrari has really improved in areas where we were weak last year."

Raikkonen claimed victory in Monaco three years ago when he was racing for McLaren and is hungry to repeat his success in the principality.

"My win in 2005 ranks up there with my most memorable, so to win it again would be just as special," he said.

"Although every race is important, for me there is nothing like Monaco. It's the legend amongst all the races.

"When you have managed to get it right, you know the great feeling you get by winning it."