Bayern have been handed a difficult path to the Champions League knockout stages after being drawn alongside Manchester City, Napoli and Villarreal in Group A.
However, despite naming La Liga giants Barcelona and Real Madrid as the clear favourites to emerge as Europe's finest this season, Nerlinger does not see why Bayern cannot spring a surprise if fortune favours them.
"You have top favourites Barcelona and Real Madrid, and arguably also Manchester United, but then you have a group of clubs including Bayern," Nerlinger said on the club's official website.
"I'm sure we have a chance, provided we stick to our tactics, keep it tight in defence, play to our attacking strengths, and avoid too many injuries.
"However, the Champions League is also about form on the day, and a bit of luck when you need it."
Bayern had a season to forget last term, finishing third in the German Bundesliga, as well as being eliminated at the first knockout round of the Champions League by Inter Milan.
With that in mind, the club have heavily invested over the summer, bringing in established players like Manuel Neuer, Jerome Boateng and Rafinha to bolster the squad.
Bayern play hosts to Freiburg in the league on Saturday, before kicking off their Champions League campaign on Tuesday against Villarreal.