"We don't have a problem with playing Argentina. They have many good players but we're not afraid of them," the 37-year-old told a news conference in their hotel outside Johannesburg.
Mexico are level on four points with Group A leaders Uruguay and a draw between the sides on Tuesday in Rustenburg would send both countries through to the second round.
If that happens Mexico could again face Diego Maradona's twice World Cup winners after their epic 2006 clash in the same round, which Argentina won 2-1 thanks to a stunning Maxi Rodriguez strike in extra time.
Since then Argentina have grown in stature thanks largely to the development of forwards Lionel Messi, Gonzalo Higuain, Carlos Tevez, Sergio Aguero and Diego Milito.
Argentina's mouthwatering attack has been in scintillating form in South Africa with five goals in two games but Blanco was unflustered, saying: "We would treat them as equals".
The other scenario is Mexico beat Uruguay and ensure they play the Group B runners-up, a more appealing prospect with a likely match against South Korea, Greece or Nigeria.
But Blanco, with the experience gained from earning 120 caps, knows his country still have a lot of work to do against Uruguay despite an impressive 2-0 victory against France.
"We haven't won anything yet," said the 37-year-old, who brouhgt his international goal tally to 39 from the penalty spot against the 1998 World Cup winners on Thursday.
"We know we're coming up against a tough team but they have weaknesses and we have to find them and make the most of them."
