The Ghana-born Schalke forward, who represented Germany 43 times between 2001 and 2006, believes Joachim Low's men are well-placed to go all the way.
But he is wary of several other countries, including Brazil, Argentina and Spain, as well as Chile.
"I felt we could've already won it in 2010but we have an even better chance this time around," Asamoah told the Bundesliga website about Germany's chances.
"The boys have matured, plus a number of quality players have come through.
"I firmly believe Germany can become world champions, although they're of course not the only ones to have improved in recent years."
Like most, Asamoah believes the hosts should go close to winning the World Cup for a sixth time and first since 2002.
"I too think Brazil are most likely to clinch it but Germany are right there amongst the very top sides," Asamoah said.
"Argentina and Spain are also in with a chance, and so are Chile, who played extremely well against us (in Germany's 1-0 win in March) and could surprise us all."
Germany's defence is their biggest concern but Asamoah believes they can avoid problems if their preparation is right.
"Germany haven't been very solid at the back of late. However, there's still a month to go which should give the lads enough time to get used to each other," he said.
"(Borussia Dortmund centre-back) Mats Hummels is fit again having recovered from injury and Per Mertesacker's been doing a good job at Arsenal.
"Also, I hope (Schalke defender) Benedikt Howedes will make the World Cup. If the defenders manage to develop a good understanding then there isn't too much too worry about."
