Zagallo led the Selecao to victory in the 1970 tournament in Mexico, and thinks that Luiz Felipe Scolari's side have the quality to become World Champions once more, in their homeland next year.
The former boss is quoted as saying on Goal.com: "I think Brazil will live up to the challenge and cope well with the task.
"Brazil is the only national team to have won five world titles without winning at home [but] I think that this is our big moment.
"Our team is growing but is not quite ready yet. Scolari is doing a great job and I hope that Brazil can forget 1950 (when they were beaten finalists at home) and be the champions."
The draw for the tournament is made on Friday.