Chelsea were paired with Atletico Madrid in Friday's draw for the last four and, after watching Atleti's quarter-final against Barcelona, Wilkins believes the Spaniards are far more vulnerable defensively than Jose Mourinho's side.
Asked whether Chelsea can win this season's Champions League, Wilkins told Sky Sports News Radio: "I give them a massive chance because they look to be the only team left in the competition that can keep a clean sheet.
"I watched the Barcelona-Atletico game and there were chances galore. It was very similar in the other match as well so Chelsea with their defensive set-up have as good a chance as anybody.
"They have a defensive quality that is exceptional. Okay, the strikers haven't functioned as Jose would have liked them to, but in the midfield section they have so much creativity and goals."
Wilkins also watched Manchester United's quarter-final clash with Bayern Munich and, although he acknowledges the Germans' attacking strength, he believes they too are weaker at the back than Chelsea.
He added: "For 57 minutes United were magnificent, their concentration levels were exceptional, but when you score a goal with half an hour to go you really have to concentrate and they didn't and were found wanting by an exceptional Bayern Munich side that will no doubt give a lot of harm to a lot of teams they play against.
"But they concede goals. If you are defensively solid you have more than a chance of winning this tournament."
Wilkins has sympathy for David Moyes as we approach the end of a difficult first season for the Scot in charge at Old Trafford but, with United unlikely to be back in the Champions League next season, he has predicted another tough summer for the former Everton boss.
He said: "I have an enormous amount of sympathy for David. It's been a very difficult season as they didn't really work hard enough in the close season to bring players in.
"In the January window they managed to get Juan Mata, who is an exceptional footballer and if they can add the type of quality that Mata gives them in the next window there's no reason why they shouldn't be a force to be reckoned with.
"But it's very difficult once you're out of the Champions League to be able to bring in those A-class players. You might get a couple of B-class players or the A-class player that is coming to the end of his Champions League career. It's an extremely tough one."
Ray Wilkins was speaking at FWA Live sponsored by Barclays, an event that brings together the country's leading football experts to discuss the game's big talking points. This season Barclays is saying thank you to fans, community heroes, players and managers for making the game what it is. Join the conversation using #YouAreFootball