With seven races remaining, Hamilton heads into this weekend's Turkish Grand Prix with just a two-point lead over Verstappen, while Mercedes is 30 clear of Red Bull.
Domenicali is hopeful the fight will go all the way to the wire, and in particular, "up to the last corner of the last grand prix in Abu Dhabi", which he claims "would be terrific".
"I would say, from what I can see so far today, this is a possibility that could happen," added Domenicali, speaking to Sky Sports News.
"I really hope so - for everyone, because if you think what is behind it is an incredible fight between two incredible drivers, one that is trying to achieve something no-one has been able to achieve.
"For Max, it is something really unique for him to be there, to fight for the first title for him.
"Then we are not only connected to that but also connected to the fact the teams are under pressure, that no mistakes are possible from them.
"Then there is reliability that will play another factor. What more do you want from a championship?"
Suggested to Domenicali this year's champion would be the best driver rather than because of the best machine due to the evenly-matched competitiveness of the W12 and RB16B, he added: "For sure, I will say it will be the best driver.
"But also we cannot forget the teams have to play a big role. All the details make a difference.
"That's the beauty, from one side, an incredible fight between two fantastic drivers; from the other side, a big tension between two of the most important teams of our competition."
That tension is often spiced up by a war of words on numerous topics between Toto Wolff and Christian Horner.
Assessing the rivalry, Domenicali said: "It's part of their personality, part of the drama this sport can give, an added element of tension, of curiosity."
What do you think?
Max has Lewis in the crosshairs. It is total rubbish that the two coming together was Max or Lewis fault as the Monza circuit needs updating with the track layout. Both were committed to try and make that corner. First year that Lewis has to work for a living. I am sure he is enjoying the challenge as he ( by the way not me) believes he will beat Max like he did all through Rosbergs career other than 2016. But a new dawn is happening with Max in F1 and a changing of the old guard. Very few drivers would of not achieved similar success to Hamilton had they driven the same car as George proved driving Lewis car last year when he drove for Mercedes. In a car he was unfamiliar with and hadn't been adjusted for him to fit in the race seat. Lewis has driven a few exceptional drives but only possible because he had the equipment.
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