Licuria says the team unity that drove the club to a premiership in 2010 could again prove a decisive factor in another flag tilt.
"I think they can (win the premiership), even though they'll have to come from outside the top four to do it. They've played some really good footy over the past month or so," he told AFL Media.
"You’d back them to win their first final and then they just have to knock over one of the top four sides, which they've done before, and they’re right in the hunt. They've got a history of playing well in big games, so you can never count them out."
A key member of Collingwood's 2002 and 2003 Grand Final sides, claiming his second successive club best and fairest in 2002, Licuria sees similarities between the spirit that was engendered among Collingwood sides of the early 2000s and the current team.
"Back in '02-'03, we didn’t win a flag but I reckon we were about as tight as a team could be. It wasn't until 2009-10 that I saw that happening again (at Collingwood), and they did win a flag. A lot of those guys are still around and instilling that into the other new guys that have come onto the list," he said.
"When they won the flag in 2010 and played off again the next year, they had a really powerful formula of closeness and bonding and teamwork where blokes played their roles and were selfless, and I reckon it's still there.
"That's why I think the Pies are a serious threat this year. They could be the sleeping giant."
A former player development manager and assistant coach at Collingwood, Licuria is also continually impressed with the Pies' ability to "bring on" quality young players and bring about generational change while remaining a premiership contender.
"For a while now the Pies have been one of the best, if not the best, in terms of innovation in their development program," he said. "It puts pressure on the senior guys to perform each week, and that's really healthy."
