Changing pots/wiring harness on an old bass

[Rockonjp76]

Recently picked up this cheap P-Bass copy and it has this old humbucker style pickup.
Pots and wiring are crap so I want to change them. My question is, is this wired like a traditional p-bass? I see the pickup only has 1 wire coming out of it and split at the end. I'm assuming one is hot (the white) and the other is ground (the copper), but not sure. Thanks for any help!

 

[mech]

@Rockonjp76 ....you are correct. Try some spray pot cleaner before you change them. Pots rarely wear out but dust will collect on the inside and make them crackle. Follow the directions.