Although the team only managed to finish third in 2022, a win at the Brazilian Grand Prix had given them hope that their car philosophy was one worth sticking with.
Now, Wolff believes that Mercedes 'have a chance' at being more competitive with Red Bull, but only if they rip up their current car design and completely start again.
"We are completely moving away from how we laid out the chassis, the weight distribution, the airflow. I mean, literally, there's almost every component that's being changed because only by doing that, I think we have a chance.
"We could get it wrong also. So, between not gaining what we expect, catching up and making a big step and competing in the front, everything is possible.
"I have never in my life felt optimistic about anything. It may sound a bit miserable, but it's protected me about managing my expectations and just pushing harder. Because I think it's never good enough.
"That's why I sit here with a bittersweet feeling. We won P2 [in the constructors' championship], but we lost P1."