While the Rhinos go into the fifth-round tie on the back of an eight-match unbeaten run, the Giants' five-match winning streak came to an abrupt halt with a 34-12 defeat by the Wolves.
"Based on form throughout the year, they're favourites," said McDermott. "They're higher up in the league than we are, they've scored more points than us and they've beaten more teams than us."
Although Leeds have not won the cup since 1999, they are aiming to reach the final for the fourth successive year and Anderson admits he would love his side to emulate their record in knock-out football.
"The thing with Leeds is they have a big history in big games," he said.
"That's the key for them and it's what we want to try and emulate."
Anderson is hoping their home defeat by Warrington will prove to be a temporary blip as they seek to remain on course for the last eight.
"We've generally responded well in the past when our backs have been to the wall," he added.
"It's a big game, it's live on TV and there's been a big initiative with tickets to try and get a big crowd."
McDermott expects to field the team that beat Bradford 42-22 last Friday, with former England captain Jamie Peacock overcoming a knee injury sustained in that match.