David Moyes's side reached the quarter-finals of the competition by overturning a first-leg deficit to knock out Olympiacos on Wednesday, and Yorke sees no reason why his former team cannot lift the trophy in May.
"This team is experienced, they know how to win the Champions League and if they get a favourable draw on Friday who's to say they can't go all the way?," the 42-year-old told Sky Sports News.
"That's me being a fan wanting to see the team continue in that vein. If the players continue to play like their lives depend on it, who's to say they can't?"
Moyes's team turn their attention to the Premier League on Saturday when they visit Upton Park to face West Ham United.