Ferrari failed to win a race in 2016, with rivals Red Bull taking two. Ferrari's last victory came at the hands of Sebastian Vettel at the 2015 Singapore Grand Prix.
The regulation change for 2017 gives Ferrari an opportunity to catch Mercedes even though Red Bull are tipped to be the favourites to match the Silver Arrows next year.
"In 2012 and 2013, Mercedes were not the favorites, then with the regulatory change we became successful," Wolff said in an interview with Italy's Gazetto dello Sport.
"It could happen to Ferrari. It has the potential and resources to go back to being competitive."
However Wolff feels that Marchionne was mistreated over this decision and understands why he did it.
"They focused on being an Italian team. For me, that is an added value, not a restraint. Ferrari does not need mercenaries.
"I am convinced that the decisions taken by Marchionne and team principal Maurizio Arrivabene are moving Ferrari in the right direction."
Bahrain International Circuit - Winter testing