The former Real Madrid striker conceded the national side has lost direction, but is confident the current squad has the talent to turn things around
The former striker said Claudio Borghi's side "unfortunately has lost their compass" after recent defeats to Ecuador and Colombia, but believes the current set-up is capable of turning around their fortunes.
He told Radio Rivadavia: "I'd like to think that something more than a footballing downturn is happening to the Chile national team but I do not see it. There are boys who are below their level. We've lost important points.
"But we must not lose faith and confidence in this team, because the boys have the faith to keep going. We have a beautiful generation, which when they are well plays at a high level. We still have time and do not have to keep making mistakes."
Zamorano also gave his backing to coach Claudio Borghi, and revealed it is frustrating when people begin to look back on Marcelo Bielsa's tenure when results are not forthcoming.
"When results are bad, we add additional footballing issues to Bichi [Borghi] which do not help," he continued. "He is a coach with great experience and has the capabilities to take this team forward.
"We are all coaches when you lose. Now it is easy to remember Bielsa. When Chile was leading, no one was talking about Bielsa. Nowadays there is a lot of pressure, a lot of things that have happened. Chileans are very extreme, we go from believing that we were world Champions to saying we were a disaster. You have to be cautious and optimistic, and I am."
Chile's 3-1 defeat to Ecuador leaves them five points adrift of Argentina at the top of the Conmebol qualifying group, but Zamorano believes they have the chance of beating the Albiceleste when they meet on Wednesday.
"Against Ecuador it was a key game because it was a direct rival to qualify for the World Cup," the former Inter man added. "Now, Argentina arrive in their best moment, at an extraordinary level. Today, matches are not won with history, nor with the shirt. So we have a chance if we play the perfect match."