Woods has not won a major since the 2008 US Open, his 14th major and one that put him second on the all-time list of major winners.
Having been hampered by a back injury in recent times, Woods struggled through the 2014 season, failing to win a tournament during what was an injury-interrupted campaign.
Despite this, Nicklaus believes it is only a matter of time before Woods hits the front once more.
"Tiger's had a great career, and I don't think his career is over," said the American.
Eighteen-time major winner Nicklaus had two three-year periods and one six-year gap between majors, and is confident that Woods will follow in his footsteps and get back to winning majors.
"He's had a little lull in his career and we’ll see what happens from here. I had lulls in my career, too," he added.
"I came back from that and I think Tiger may do the same."