The 32-year-old enters the opening Grand Slam of the season next week in formidable form, losing just five matches last year and winning the Brisbane International earlier this month.
She is gunning for a sixth Australian Open crown, which would move her alongside Evert and Navratilova and further underline her reputation as one of the greatest women players ever seen.
Ahead of Melbourne, Navratilova said she expects Williams to match the record this month and go on to surpass Steffi Graf's 22 titles to become the most successful Grand Slam champion in the Open era.
"It would mean a lot to be on the same level as such great players as Chris Evert and Martina Navratilova," she said.
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"I still have a lot of work to do. I obviously want to be able to reach that level, but I'm not there yet. Hopefully I'll get there."
The top seed, who opens her campaign against Australia's Ashleigh Barty, is in such hot form that her French coach Patrick Mouratoglou on Thursday said she could pull off the "exceptional" achievement of sweeping all four Grand Slams in 2014.