Should you apply for a job beyond your ability?

May I ask for your opinion on this topic?

Should one apply for a job which seems to be slightly beyond one's own ablity.

I am thinking of leaving my current company to move to another company (same job). That company is advertising a new position.

I have to admit that the descriptions and responsibilities are a bit beyond my current responsibility. It seems my current manager is the best bet.

In this case, should I still apply?

Thank you