The German sits second in the standings, 59 points shy of Mercedes’ Lewis Hamilton, with four races left to go.
Hamilton could wrap up his fourth world title at the next event in the USA if he takes the chequered flag and Vettel finishes outside the top six.
However, Wolff believes the remaining grands prix are more suited to the Ferrari and feels it could go down to the wire.
Wolff said: "Ferrari has a very fast car and I can imagine the title race remaining open until the end. When you consider how far away Ferrari was last year, it's been a great turnaround.
"It's going to be very interesting because a couple of the circuits (coming up) are not Mercedes circuits, or will suit the Ferrari more.
"It's not like last year where it's quite clear what is going to happen so I think we'll see a huge fight.”