The F1 boss feels Hamilton will be rejuvenated this season but not enough to topple Vettel, who he feels is an odds-on favourite for a hat-trick of crowns.
"My guess is that he really can do it again," Ecclestone said. "What points against it? I think anything else would be the surprise.
"The pre-season tests spoke a quite clear language - the Red Bull looks super competitive again, and Sebastian is only 24 so he still has an enormous potential to fill."
According to Ecclestone, Vettel's competitive nature could drive him past Schumacher's mark of seven world titles. "He's got it all - talent, passion, zeal, a clear head - and he hates to lose.
"I could imagine him beating Michael's record."
Ecclestone said he hopes McLaren, viewed as Red Bull's most likely challenger this year, can be on the pace from the start this weekend.
In an equal shoot-out between McLaren teammates, Lewis Hamilton would be quicker than Jenson Button.
"Lewis is a huge talent," Ecclestone said.
- AAP