The 34-year-old striker, currently dominating Major League Soccer with New York City FC, has not played for La Furia Roja for some 28 months.
Villa retired from international duty in 2014 with a Spanish record 59 goals from 97 caps next to his name, but Lopetegui suggests his form in MLS could warrant a surprise call-up in the future.
"The truth is that I saw him very well and playing with a lot of intensity," Lopetegui told Onda Cero.
"Villa continues to play at a very good level and in the future we will see if he can return.
"We don't close the door to any player and we always have consideration for players that can help the national team.
"Villa is well, playing with a lot of rhythm, scoring lots of goals and showing a great attitude.
"He is a player who has done priceless things for Spanish football."
This season, Villa has scored a remarkable 23 goals in 33 league appearances for Patrick Vieira's men who finished second on the Eastern Conference table, just behind neighbours New York City.