The former Mannschaft international, who was voted German Footballer of the Year twice in 1972 and 73, thinks that while Spain will retain their title as favourites, his nation's current crop are more than capable of going all the way.
“We absolutely have the quality to win the World Cup,” Netzer told Bild.
“Spain is still in the way, but one time, they will lose, at which point you must capitalise. This can work.”
Netzer, who spent 10 years at Borussia Monchengladbach before moving to Real Madrid in 1973, was also fulsome in his praise for national Joachim Low.
He added: "I have to give a great compliment to Joachim Low. He has developed this team and his football is worth seeing and can be successful, there is just no great title.
“The Germans watching today, they have not seen such football for a long time as it is now in the present.”