The first Test starts in Perth on Friday, 21 November and Australia will be led by Steve Smith in the absence of injured captain Pat Cummins.
Fast bowler Cummins says he is “on track” to have recovered from a lower back injury in time to play the second Test, a day-night match in Brisbane starting on 4 December.
Australia also have uncertainty over who is going to bat in their top three.
Usman Khawaja is set to open, but the hosts must decide between giving a debut to opener Jake Weatherald, recalling the in-form Marnus Labuschagne as either an opener or at number three and whether to stick with all-rounder Cameron Green at three or move him down the order.
Anderson said those issues, compared to how consistent Australia’s team selection has been in the last 10 years, mean this is “probably their weakest team” since 2010-11.
“There are question marks there, definitely, and there are cracks that England could potentially expose,” he added. “There’s a great chance for England to get on top early.”
However, England’s all-time leading wicket-taker said there is still a lot of “quality” in Australia’s batting and bowling – even with the “huge” absence of Cummins.
He said: “They probably just edge out England in terms of being favourites, but I don’t think there’s much in it. It’s a tough one to call, so I’d say Australia, just.”
