Pakistan, who recently lost the two-match series 0-2 against New Zealand, will aim to claim their first series in Australia against the new-look Steve Smith-led side when the two sides will play three-match Test series beginning at the Gabba on December 15.
"It's never easy in Australia on these bouncy pitches, but I feel this is their [Pakistan's] best chance to beat Australia,"the Express Tribune quoted Waqar as saying.
Pakistan have traditionally struggled Down Under, having managed to clinch only four wins from 29 Tests.
However, Waqar believes the situation is entirely different this time around as they would meet a completely new side, which have undergone five changes following their massive defeat by an innings and 80 runs in the second Test against South Africa.
Although Australia managed to won the day-night Test in Brisbane, they lost the three-match series 1-2.
"Fair enough they [Australia] won against South Africa, but there are definitely loopholes they can look into," said Waqar.
"In the past we always feared Australia, thinking they are the better side - but not at the moment. I don't know what will happen in a couple of years, the Aussies always know how to bounce, back but yes at the moment Pakistan stands a good chance," he added.
"Pakistan have been a very settled side the last couple of years, they've been playing really good cricket but they have to play to their potential," he said.
The Gabba Test will be followed by games at the Melbourne Cricket Ground (December 26-30) and the Sydney Cricket Ground (January 3-7, 2017).
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