With 22 goals in 31 games this season, Ovechkin has increased his total to 752, moving the Washington Capitals forward 143 from overtaking Gretzky.
"It's not even a question that he will pass me, and I think it's great," Gretzky told The New York Times in a story published Wednesday. "He's well on his way to 40 or 50 goals this year, maybe more. There is no doubt that ultimately he will break the record."
Gretzky retired in 1999 after 20 NHL seasons with the Edmonton Oilers, Los Angeles Kings, St. Louis Blues and New York Rangers.
In his 17th season with Washington, Ovechkin has passed Marcel Dionne (731 goals) and Brett Hull (741) to climb to fourth in NHL history and is 14 behind Jaromir Jagr for third (766). Gordie Howe is second with 801 NHL goals.
Ovechkin trails Edmonton Oilers center Leon Draisaitl by one goal for the NHL lead this season.
Now a studio analyst for the "NHL on TNT," Gretzky has said multiple times he is rooting for Ovechkin to break his record. He told The New York Times that if Ovechkin goes a few games without scoring, he will send him encouraging texts.
"I'm his biggest fan," Gretzky said.
Ovechkin is on pace to score 58 goals this season, which would be the second-highest total of his NHL career, behind the 65 he scored in 2007-08. It would also be his ninth 50-goal season, tying Gretzky and Mike Bossy for most in NHL history.
Ovechkin would pass Jagr for third with 37 goals this season, which would put him in position to pass Howe next season. That would leave Gretzky as the lone player ahead of him.
Ovechkin signed a five-year contract with Washington this offseason.
"If he can stay healthy, I think this is the greatest thing for the game," Gretzky said before the season. "I think it's a positive. He's been so good for not only the NHL, but he's been great for hockey in Russia. He's been great for hockey worldwide. So I'm just one of his biggest fans and it's only good for the game if he can break the record.
"So he just has to be relaxed, and it's going to take two, three, four years, but eventually he's probably going to break the record."