The former Bianconeri star is hopeful their current coach can help the club to European success for the first time since 1996Antonio Conte can guide Juventus to Champions League success this season.
The Serie A champions impressed in the group stage as they finished first in Group E ahead of Chelsea and Shakhtar Donetsk, and Nedved is dreaming of European glory this term.
"We lack experience at Champions League level more than anything else. We shouldn't forget that many of our players hadn't played at the highest level before. You can only gain experience by playing games," Nedved told Tuttosport.
"We have belief in Conte, who's instilling faith in the inexperienced players. Maybe he can finally bring the Champions League back to our trophy cabinet. We’re on a path of development after winning the Scudetto last year and are carrying on our ambitious project."
Juve face Celtic in the round-of-16, and Nedved has warned the Turin side not to underestimate their opponents.
"It could have gone a lot worse, but we still need to face Celtic with great respect. They were the only team to beat Barcelona and have qualified for the next round with great credit.
"We need to match their intensity, hoping that our players have something extra on a technical level.
"Playing the return leg at home, in front of our public, certainly gives us a slight advantage. If we put in a Juventus-style performance then we’ll have a good chance of getting through to the next round."
The first leg takes place at Parkhead on February 13, 2013.