Giggs thinks Scholes, who extended his contract at United until next summer, is unlikely to want to play for England again, but claims he will go on to star at the tournament if Hodgson manages to change his mind.
"I wouldn't hold your breath (about Scholes going to Euro 2012) but if he does decide to play and Roy Hodgson does decide to try and bring him out of retirement he'd be a great addition to the squad," said Giggs, who was speaking at the Premier League 20 Seasons Awards in London.
"In any team in any tournament he would shine.
"He and Xavi are the same sort of players. They just control the tempo of great teams. To do that you need to be a special player and that's what he does."