The Owls will meet Hull in the Championship play-off final.
The Owls were able to knock Brighton out in the semi-final despite the Seagulls finishing the regular season third and only missing out on going up automatically on the final day of the campaign.
But despite going into the Wembley showdown having knocked out the side that would have been considered as the favourites on paper, and being the only one of the four teams not to have lost in either of the legs they have played so far, the Portuguese was adamant that they are still outsiders for promotion.
"We will go in completely as underdogs," he told the Star.
"Hull City have got a good coach and side.
"They are a very good team and, since the beginning, are more ready than us to achieve promotion."
It is hardly surprising that Carvalhal is still looking to play down their chances. Wednesday have exceeded expectations this season with their performances and their style of play, and if an Owls supporter had been offered a top six spot at the beginning of the season - having not finished in the top half of the second tier since 2009 and having just appointed a manager with no previous experience in England - they would have surely gleefully accepted.
And if they raise expectations now, then it may become harder to pick the squad up in the summer if they fail to secure that final top flight spot.
But despite Carvalhal playing down their chances, he will be hoping that when he begins his press conferences next season he will be asked about their chances of remaining in the Premier League.