Woods is back in action at the Hero World Challenge this week after coming through a torrid time with back problems which have hampered his form over recent years.
The 40-year-old has not managed to win a major since 2008 which leaves him on the still impressive tally of 14 titles in the 'big four'.
With the 76-year-old Nicklaus sitting on 18 majors, the veteran is adamant Woods could still go on and threaten his record.
He told BBC Sport: "I've always thought that he's got at least another 10 years of good competitive golf in front of him, if he's healthy, and as talented as he is, I don't think anything is safe."
Nicklaus also feels the game has gone form strength to strength in Woods' absence through injury and believes some of the younger players on the circuit have taken golf on.
"While Tiger's been gone I think we've had a pretty good run of a lot of very good young players who have come forward," Nicklaus said.
"Golf is not on one person's shoulder any more. It would be nice to have Tiger come back and play well, I think he'd be great for the game of golf, and he's got some great competition with the young guys out there today."