While Well lead the SPL and Rangers sit only third in the Irn-Bru Third Division, former Ibrox midfielder McCall says his side's dreadful away record at Ibrox makes Ally McCoist's men the bookies tip.
The Lanarkshire side last won in Govan fifteen years back while it was a staggering 53 years ago that Well last prevailed at Ibrox in League Cup action.
The Well boss accepts that former team-mate Coisty has lost some key players like former skipper Carlos Bocanegra and his central defensive partner Dorin Goian.
But McCall pointed to an Ibrox signing spree that has landed David Templeton and Ian Black from Hearts, Dean Shiels from Kilmarnock and Francisco Sandaza from St Johnstone, as evidence that Gers have quality.
McCall said: "If we had drawn them at Fir Park then we could have taken a bit more comfort from the record books.
"That said we did manage a draw and a clean sheet at Ibrox last season so that is a positive.
"Given our poor record at Ibrox then you have to say that home advantage makes Rangers favourites."
The Steelmen gaffer also reckons that while the Light Blues may struggle over a long SPL season with strength in depth, that their best XI is a match for any side in the top flight despite recent stutters at Peterhead and Berwick.
He said: "It is funny that before the draw was made I was talking to my staff and saying that there would be a few chairmen rubbing their hands at the prospect of a trip to Ibrox but it was a draw I would have been happy to avoid.
"But the irony is not lost on me that we are the SPL leaders and Rangers are third in Division Three yet they are favourites for this one.
"If you look at the guys Rangers have signed like Ian Black and David Templeton from Hearts, Dean Shiels from Killie and Fran Sandaza from St Johnstone, they have signed just about the best players going from SPL clubs outside Celtic.
"Of course they have also lost the likes of Bocanegra and Goian, who were the heart of their back line and Edu from midfield, but if Ally has his strongest XI to select from then they would be a match for any side in the SPL.
"Where Rangers may struggle is in terms of their quality of depth if they were competing over the full course of an SPL season and couldn't put out their best eleven every time.
"But in a one off they still have the quality to beat any side in the SPL."
Meanwhile, Well central defender Simon Ramsden says the match will take on a different dimension for his family.
He said: "Me and my dad have been to a few Old Firm games and my dad does like Rangers.
"But I'm his son and, at the end of the day, he'll be 100% behind me and wanting Motherwell to win on the night.
"Obviously there's going to be a lot of excitement about the game with Rangers drawing an SPL side after all that's gone on.
"We've started the season very well, so there's no reason why we can't go there with confidence."