The Australian, whose strongest finish at The Masters was tied-second in 2011, is one of the favourites to perform in the first Major of the 2016.
Day heads into the event with the top world ranking following his victory at the WGC Dell-Match Play a fortnight ago.
He has won six of his last 13 starts but is adamant about what his status should be in Georgia.
"To be honest, I don't think I'm the favourite this week," Sky Sports News quotes Day as saying.
"As you know, there's a lot of people out there that can play well this week and win. Jordan [Spieth], Rory [McIlroy] and Henrik [Stenson], look how he's playing lately, and even Phil [Mickelson] is a favourite here.
"There are so many players that can win around here, and there's not just one heavy favourite this week, which is fantastic. I think it's good for the game of golf and I think it's good for this tournament, as well."
Day has won twice on the PGA Tour this year.