If the Swans can complete their win over the Blues at the Liberty Stadium on Wednesday they will book a place in a major final for the first time in their 100-year history.
However, despite their advantage, Laudrup remains wary of European champions Chelsea.
"I don't think we are (favourites)," he said. "We are fully aware of what Chelsea can do, and we knew when the draw was made that it was going to be more than difficult.
"We are not a club that plays in these sorts of games very often, so we'll be doing our very best to get to the final and it would be a fantastic achievement.
"Of course, we have a better chance now than we did before the first game, and all I wanted was to have a realistic chance of reaching the final going into the second leg - and that is certainly the case."
Rafa Benitez's side have struggled at home of late, but are in impressive form away from home, going six games unbeaten on their travels.
"They have also been very strong away from home recently - possibly the best away side in the Premier League," added Laudrup. "They have won at Everton, Stoke and Southampton, scoring a lot of goals as well.
"We know we can't defend for 90 minutes, but we are also aware that there will be times where we need to. But we'll be looking to get hold of the ball and try to attack."
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