McIlroy finished a creditable fourth last year in his first attempt to join Gene Sarazen, Ben Hogan, Gary Player, Jack Nicklaus and Tiger Woods in winning all four major titles.
But following the emergence of Masters and US Open winner Jordan Spieth and US PGA champion Jason Day, the 26-year-old would love to get his hands on a first green jacket sooner rather than later.
“I feel like I’m a good enough player,” the world number three said.
“I feel like I’ve got everything I need to become a Masters champion. But I think each and every year that passes that I don’t, it will become increasingly more difficult. So there’s no time like the present to get it done.”
Manx Grand Prix: Michael Dunlop gears up for Classic Superbike victory bid on new Team Classic Suzuki GSX-R750
Jeremy McWilliams notches Bishopscourt double at Classic Bike Festival Ireland on Michael Dunlop's Team Classic Suzuki
Kofi Balmer 'feels amazing' after making dream move to Crystal Palace
In Pictures: Team NI's Commonwealth Games medal winners
Blackpool reject bid for Shayne Lavery amid Millwall speculation
McIlroy admits he felt “exposed” by the hype surrounding his grand slam bid 12 months ago, when the return of 14-time major winner Tiger Woods was the main alternative focus.
Being the only member of the world’s top five without a win in 2016 has contributed to a somewhat more subdued build-up, along with a deliberate change in preparation.
“I feel like last year I didn’t do much wrong really,” added McIlroy, who did not visit Augusta before this week and opted for competitive matches in practice, the first of which he ended with a hole-in-one on the 16th on Monday against Chris Wood.
“I played well. I finished 12 under par for the tournament. But I was three over after 27 holes and that’s not going to get it done.
“I think part of that was having so much expectation and thinking of the grand slam and thinking of the Masters, where I needed to just take a step back and relax and go out and try and play my own game.
“Someone once told me pressure is for tyres. The pressure I should feel is the pressure I put on myself and any outside influences, it shouldn’t really come into play.
“This course is well suited for me. I don’t need anyone to tell me that. So it should make me more comfortable knowing that I can go out and play my game, and that’s why I want to be as relaxed as possible.
“Because if I am, it means that when I go out there, I can let my game just flow and express itself and if I can do that around this golf course, I feel like I can have a week like I’ve had in majors before and win.”