Ireland currently top the standings having won all three of their matches so far, and another victory against Scotland on Saturday would set up a showdown with fellow championship hopefuls England at Twickenham in the final game.
England's defeat to Scotland at Murrayfield means that matters are in Ireland's own hands, though, and looking further ahead O'Driscoll also believes that it will be important to build momentum towards next year's World Cup in Japan.
"They've done really well, they've obviously done everything that's been asked of them. There have been a couple of scares along the way but I think that will serve them well - big test now against Scotland and then all going well, they'll get a day out in the sun at Twickenham to go for that third Grand Slam that is so difficult to come by," O'Driscoll - who won 133 caps for Ireland - told Sports Mole.
"It's better to win a Grand Slam the year of a World Cup, but beggars can't be choosers. When you've only got two in your history, you'll take them when they come. But the team's building and they just want to keep that momentum going.
"For anyone that's in the know, [England's defeat to Scotland] wasn't the hugest shock. Scotland in Murrayfield is an incredibly difficult game. Ireland lost there, Australia lost there, France and England have both lost there, so it just shows how tough it is against Scotland. You've got to be on your A-game if you're going there to win. England were off the pace and Scotland put them to the sword."
Ireland's only two previous Grand Slam titles came in 1948 and 2009.