Pakistan, currently third in the Test rankings, briefly attained world number two in 2006 but have never been number one.
Misbah said Pakistan could take the top spot if they won in Sri Lanka and against Australia in October.
"We have a very good chance and it's a big motivation for us to become top Test team," Misbah told reporters as the team departed for Colombo.
Pakistan open the tour with the first of two Tests in Galle starting from August 6. They also play three one-day matches.
"We will do our best to grab this as we have a very good opportunity to reach the top," said Misbah.
Misbah said playing Tests after a gap of more than six months since their last series in January had mixed effects.
"I think everything has its advantages and disadvantages and playing a Test after a gap too has its good and bad effects," he said.
"We got a gap so we worked on our fitness and worked on some tactical issues but the disadvantage is that we need time to return to the Test format but we have the first Test at Galle in our focus and will have to be up to the mark," said Misbah.
Misbah predicted a close series with Sri Lanka, who last month lost to South Africa 1-0 in a two-Test series.
"Both teams know each other well," said Misbah of Sri Lanka, who Pakistan have played in five series in as many years.
"I think both the teams have good combinations and it will be a close Test series," said Misbah.
Waqar agreed Pakistan's next two series are as important as next year's World Cup.
"The main target is the World Cup but we have very important series in Sri Lanka and then two more against Australia and New Zealand so we have to focus on all these events and try our best to win them," said Waqar, appointed for two years in May.
Waqar said Pakistan can take inspiration from their last Test win over Sri Lanka in Sharjah when they chased 302 on the last day.
"That win in Sharjah will be a great motivation because we were really positive in that chase," said Waqar.
"We should continue that and like South Africa, who are world's best team, do our best."
Waqar said the induction of former Zimbabwe opener Grant Flower as batting coach would help the team.
"He has a very good reputation as a very positive and gritty man so his induction will surely help the team," said Waqar.
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1731597899-0/cover_1731593385FotoJet-(11)1731597899-0-270x192.webp "icc champions trophy arrives in pakistan")
1731588892-0/cover_1731582785FotoJet-(4)1731588892-0-270x192.webp "major blow for south africa ahead of series against pakistan")
1731587087-0/cover_1731577571FotoJet-(1)1731587087-0-270x192.webp "do not mention babar s name")
1731582353-0/Express-Tribune-(2)1731582353-0-270x192.webp "australia defeat pakistan by 29 runs in rain hit first t20i")
there is a 21 point difference between pakistan and top team...................this article is nothing but foolishness.............pakistan doesnt have a chance
Even dreaming of being the # 1 team this year is a fitting tribute the old-pro Misbah, and his service to the nation in past years.
Well even if they do manage to take top spot it will be brief. Pakistan have to improve their skill against swinging deliveries and yet most of our young batsmen need to learn to build long innings. They need to win against Australia, England and South Africa in their backyard to prove the world that they are world beaters and true test champions just like steve waugh and Riki Ponting's Australian team.