Bolt set the record of 19.19s during the 2009 World Championships in Berlin.
Despite some pundits questioning the 25-year-old's fitness, Backley believes that he is the right shape to set a fast time, as well as pipping his compatriot Yohan Blake to the title.
"I do not think it is at all out of the question that he will run a world record in the 200m, and he will break his own mark with Blake in a close second," he told Eurosport.
"I am predicting that it will be a quick, quick, quick race with Bolt just pipping Blake and setting a new mark for the 200m, which is, as we all know, his favourite event."
Bolt heads into this evening's race as the defending champion from Beijing.