McLaren's racing director Eric Boullier believes their chassis can be ranked amongst the top three on the grid, behind only Mercedes and Red Bull, with it a match for Ferrari.
Boullier also believes they would be fighting for wins and even the championship this season if their Honda power unit was a match for the Mercedes hybrid-V6.
Currently Honda have a power deficit to all three power unit manufacturers, though they have been gradually catching nearest rival Renault with Ferrari and Mercedes a little further ahead.
However on the chassis side, Boullier is confident they're on terms with Ferrari.
"We believe our chassis is in the top three – let's say fighting with Ferrari for the third spot," he told Motorsport.
He admitted they had been holding back on aerodynamic developments until Honda can deliver more power, as it would penalise them to run more downforce – something their rivals are able to do.
"Our chassis is aerodynamically efficient. But if you have more power, you can also bring more downforce," he explained. "But more downforce means more drag, which we cannot afford now because we do not have enough horsepower.
"When Honda brings an upgrade, we too can bring a bigger aerodynamic upgrade. That then brings more downforce and drag, and it works.
"If we have the same power as Mercedes next year I know we can fight for the wins, and for podiums, and maybe fight for the championship."
