Ms Chaney, a so-called teal independent standing in the seat of Curtin, told Sky that she anticipated the race in the long-time Liberal stronghold would be very close.
"There's definitely a strong appetite for change from the people we've spoken to but it's clearly a big challenge unseating a safe Liberal seat," she said.
If the Liberals were to lose Curtin, previously held by party stalwart Julie Bishop, it could prove to be a damaging blow to the re-election hopes of Prime Minister Scott Morrison, who enjoyed widespread support in the west at the last election.
In the event Curtin turns independent and Ms Chaney is in a powerbroker role, she said she would base her decision on which party to support on policies.
"I would make a decision made on the issues, not on the tribe," she told Sky.
"What I hear from voters in Curtin is that they're quite disillusioned with both sides and they really care about issues like integrity and climate and think that those issues are actually more important than who the prime minister is for the next three years.
"If my support is needed to form a minority government, I would negotiate with both parties and whether that is a formal or informal deal that can be part of the negotiation if it happens."
Since its creation in 1949, Curtin has been held by the Liberal Party with the exception of a three-year period in the 1990s when a Liberal-turned-independent held the seat.
Labor has campaigned heavily in WA, with leader Anthony Albanese making four visits to the state since pandemic border restrictions were loosened in March. The ALP held its formal campaign launch in Perth for the first time since 1940.
Labor insiders remain confident the party can win three Liberal-held WA seats - Swan, Pearce and Hasluck.
On Friday, Mr Morrison spent his last full day of campaigning in Perth.
Labor Premier Mark McGowan said on Saturday that West Australian voters could decide the outcome of the election.
Elsewhere in WA, Greens Senator Dorinda Cox spent the final day of the campaign visiting at least 12 polling stations across Perth.
"Across the electorates generally there is a really good feeling around the Greens," she said.
"What we are hearing from voters is that they do want to get rid of this government, that is a clear message, and a lot of people are taking our how to vote cards," she said.
