Gallacher, a former European Ryder Cup captain, said 14-time major winner Woods still has what it takes to win the big tournaments after an injury-riddled 2014.
Woods managed just seven tournaments on the PGA Tour this calendar year, finishing all four rounds in just two of those - as he missed cuts and was forced to withdraw on multiple occasions due to his persistent back problem.
But Gallacher, a 10-time European Tour winner from 1974-84, said Woods still has the potential to conquer Augusta for a fifth time, and propel his charge for the major record books.
"I think once he gets his full health back, then I think Tiger will start to play well again," Gallacher said.
"People forget that last year... Tiger won five tournaments in 2013, he was the player of the year, the American player of the year in 2013. [In] 2014... he's had a difficult year health wise with his back, his knee.
"And so once he gets his full health back, I don't see why Tiger can't start challenging and I think we'll know where he is in terms of his health at the Masters next year, because I think if he is going to win another major - and I think he probably will - it will be the Masters.
"A course he loves, a course that seems to suit his game, and so if he comes back at the Masters in April and starts to play well, and get into contention and maybe win it, then I think we can say that he'll start to threaten Jack Nicklaus' record of 18 majors."
Failing a Woods win, however, Gallacher said world number one Rory McIlroy can make it six majors in succession and win the calendar grand slam in 2015.
The 65-year-old said the only hurdle in McIlroy's way from continuing his dominance is a court case with former management company Horizon Sports Management Ltd.
"The only thing that worries me is this court case, whether it affects him, whether it doesn't affect him," the 65-year-old said.
"If he can get the court case out of the way, before it goes to court for instance... then I think he'll have a really good chance of completing his grand slam."