The Buccaneers head into Saturday's clash at the Moses Mabhida Stadium as clear favourites, having already claimed the MTN8 this season, alongside some good early form in the Betway Premiership this season.
They potentially already have one eye on the final against either Golden Arrows or Marumo Gallants, but Ouaddou insists this match is far from being a formality.
The two teams are yet to face each other in the Betway Premiership this season, and speaking ahead of their first meeting, the Pirates boss has preached caution.
He said in the Citizen: "Since we have not played the game [against Richards Bay], we cannot start thinking about the final yet. It's very important for us to prepare for the game, to analyse the opponents, and to respect all the teams.
“I think it's going to be a very tough game on Saturday. Because first of all we're in Durban. They will be proud to play well against Orlando Pirates, they will also want to be one of the two teams in the final.”
"For us, it's important to be ambitious," added Ouaddou.
"Of course, we've won the first cup [the MTN8], but all my players are ambitious and the club is ambitious to play this game and reach the final."
Orlando Pirates clinched the Carling Knockout Cup in dramatic fashion at the New Peter Mokaba Stadium, edging Marumo Gallants 1-0 after extra time to secure their second trophy of the season.
Marumo Gallants' goalkeeper Washington Arubi says his side is comfortable being labelled the underdogs ahead of Saturday's Carling Knockout final against Orlando Pirates.
Orlando Pirates face Marumo Gallants in the Carling Knockout Cup final at Peter Mokaba Stadium on Saturday as they attempt to win their second trophy this season.
Orlando Pirates captain Nkosinathi Sibisi is keeping his focus sharply on the Carling Knockout Cup title as his team tops the Betway Premiership table with 28 points after 12 games.
