The centre, who has already played in three previous tours, will return Down Under this summer.
And he reckons the Wallabies will be able to select a star-studded backline, including maverick play-maker Quade Cooper, who was omitted from a recent two-day training camp.
"They have got a lot of options," said O'Driscoll.
"(James) O'Connor needs to fit into the back line with Israel Folau now as well and there are the new guys who are coming through like [Jessie Mogg) the full-back from the Brumbies.
"All these guys are going to start pushing for places.
"All of a sudden you have 12 (players) into seven in the backs. You are going to have your staple guys like (Will) Genia, (Adam) Ashley-Cooper and O'Connor is going to be in there.
"Digby Ioane is going to be in there. Pat McCabe is coming back from injury and he gives them a slightly different type of game, some good go-forward, so they can play a variety of game."
Warren Gatland also boasts a wealth of backline resources and O'Driscoll is well aware of the competition in the midfield.
The Ireland centre linked up with Jamie Roberts during the 2009 tour of South Africa and they will be joined by Manu Tuilagi and Jon Davies.
"We are different types of players (the Lions backs) but that doesn't necessarily mean any one of us has one type of skill set and the others don't.
"We are all good at different aspects but you do look at the form of the centres as being pretty good for guys Manu (Tuilagi), Jamie (Roberts) and Jon (Davies) particularly at the end of the Six Nations.
O'Driscoll anticipates a fierce battle against the Wallabies but he is confident that the Lions have the quality to secure a first series triumph since 1997.
"Those games will be tight because the Australians, from the Super Rugby I have seen, are starting to hot up and they will be well organised by the time they come together in June," added O'Driscoll.
"But looking at that (Lions) squad it is a powerful squad that has a nice balance to it. There is a great opportunity to win a series down there."