Hart has been solid for England in the Euros so far.
Coton told the Manchester Evening News: "Joe has a big, big future ahead of him and if he carries on the way he is going, in a few years' time then you could rank him alongside the likes of Banks, Shilton and Clemence for England and Peter Schmeichel. I don't think anyone would disagree with me.
"But you have to show you can do it for seven or eight years consistently - not just two. Comparing players in different eras is not ideal anyway - comparing him to current keepers is more accurate.
"You have to admire someone like Casillas who has been performing brilliantly for Real Madrid since he was 18 and is now a European and World champion for Spain.
"Neuer has done well in the tournament and last season for Bayern Munich while Buffon is one of the best in the world. But you have to say that Joe Hart is up there with them. It's too early to say he's the best in Europe or in the world, but he's laid a solid and impressive foundation."