The losses to the American have seen Price return to the drawing board as he bids to revive his career, but Charles believes that the Liverpudlian can become a world heavyweight champion in the future.
Charles told Sky Sports News: "David Price will be back. In the future, with the style that he's got, he's a potential world champion but he needs to get back to winning ways.
"Sometimes people have bogeymen and the American Tony Thompson might just be his bogeyman.
"At the end of the day, you can't write the man off for that - he's got too much not to come back from that."
Chisora has been made the mandatory challenger for Price's British title, but it remains to be seen whether the bout will be made.