Solskjaer has enjoyed an impressive start since replacing Jose Mourinho at the helm in December.
Arguably the best result of his reign so far came when United somehow managed to pull off a stunning Champions League comeback against PSG in the second leg thanks to a controversial penalty decision.
But Nicholas believes the Red Devils and Solskjaer have been lucky on more than one occasion in recent months.
“Everything’s possible in this Champions League this year. Anything’s possible for anybody,” he said on Sky Sports.
“What Solskjaer has done is incredible, but these players were not interested six months ago and all of a sudden they’re interested.
“I get it, I can understand how it works in a dressing room.
“But they’ve been lucky in this competition. PSG battered them at Old Trafford, could have beaten them three or four, they get the lucky penalty at the end.
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“But when your luck’s in, take it, make sure it counts,” Nicholas added.
“And even before that, the qualification, they were fortunate to qualify.
“They went to Juventus and stole the game right at the end.
“But they did it and they manipulated the situation.
“You’re only lucky when you use it to your advantage.”
Luck or not, Solskjaer looks certain to land the United manager’s role on a permanent basis in the summer.