Mercedes head into next season on the back of their first winless campaign in over a decade.
Since the start of the new regulations last year, Mercedes have won one race – 2022 Sao Paulo Grand Prix with Russell – while rivals Red Bull have won an astonishing 38 times.
Mercedes managed to secure second in the constructors’ championship even though the likes of Ferrari and McLaren often had cars capable of getting headline results.
Speaking on the Sky Sports F1 season review show, Allison was asked if either of his two drivers are capable of beating Max Verstappen.
He replied: “They need us to provide them the equipment but each of those men. Lewis has proven seven times, seven times that he’s world championship material, and he was the highest-scoring non-Red Bull driver this year.
“And George, OK, he’s made one or two errors during the year, but equally you’ve seen very strong performances from him in a number of races this year and it’s been quite a good learning experience for him I think his second season with us.
“I am certain that both men with the right equipment could both be world champions if they fought hard and well enough.”