The Team GB super heavyweight will take on Kazakhstan's Ivan Dychko tomorrow for a place in Sunday's final.
The Liverpool fighter said that the 22-year-old, who only took up the sport in 2007, has proven his potential in such a short time inside the ring.
"I think Joshua's got his name on the medal," said Price. "He's destined to win that medal the way things have gone with him.
"He's a great talent. To be an Olympian in its own right is a fantastic achievement, so to get a medal and potentially win the gold after such a short period of being a boxer, he is, without doubt, a massive talent."
Price defends his British and Commonwealth titles against Audley Harrison on October 13.