He tipped Hart for stardom before the World Cup in South Africa and believes England now have a goalkeeper they can bank on for decades.
"He has all the attributes, and if England groom him well for the role he could be their goalkeeper for 20 years," said Banks.
It is an endorsement that has the keeper, who made several crucial saves against Bulgaria on Friday, pinching himself.
"I'd like to follow Gordon Banks, but they are massive shoes to step into," he said.
"For him to even mention my name is a great honour.
"To be honest, when I started at Shrewsbury I didn't really think I was good enough. But the opportunities that are coming now are so exciting, so I'm trying to embrace them and do the best I can."