The Die Mannschaft dispatched European champions Italy 5-2 in the UEFA Nations League on Tuesday.
Flick has overseen an improvement in performances and results since taking over from Joachim Low after last summer's European championships, where Germany were knocked out in the round of 16 by England.
Before taking the Germany job Flick had led Bayern Munich to two Bundesliga trophies, Champions League, DFB-Pokal, UEFA Super Cup, FIFA Club World Cup and German Super Cup success after being appointed in November 2019.
Flick was an assistant to Low when Germany won the World Cup in 2014.
"I think this World Cup, Germany with Hansi Flick at the helm, are genuine favourites and I say that Germany is generally always regarded as one of the teams that could go and do something," Schwarzer told Stats Perform.
"But they're, for me, stood right up there with being a genuine favourite of winning this World Cup because they've got an amazing manager.
"Someone that's got the belief and support of all the players and has changed the German national team literally overnight exactly like he did with Bayern Munich when he took over after Nico Kovac had a disastrous period at Bayern the season, and then go on to win everything that's possibly there to win.
"I've got a feeling he's able to do the same thing with Germany right now."
Germany are in the same group with Spain, Japan and Costa Rica at this year's World Cup.
