Born and bred in Madrid, Butragueño remains one of the club's greatest players after a 14-year stint.
Real won six La Liga titles with Butragueño in their line-up, with the Spain international scoring 123 goals in 300 appearances.
Conversely, Hazard has not set the world on fire since joining Real from Chelsea for €160m in the summer of 2019.
The Belgian struggled with injury in his debut season which left him with a paltry record of one goal from 22 games across all competitions.
Zinedine Zidane is hoping Hazard can put his injury troubles behind him and blossom into a star at the Bernabeu this season.
And according to Milla, the 29-year-old reminds him of his former Real teammate Butragueño.
Asked by Tribalfootball.com how much Butragueño would be worth today, Milla replied: "Butragueño was a very intelligent footballer, great in the box and in one-on-one situations. He was great at making quick decisions, which to me makes him ahead of his time and more like a modern footballer.
"(He) would cost a lot now and would definitely be in the elite of footballer in terms of price. I would say he would be valued like Eden Hazard, if I had to compare. Both of them are great passers of the ball too."