Watch: George Lazenby thinks Liam Hemsworth could be the new James Bond
The 83-year-old actor - who played the secret agent in 1969's On Her Majesty's Secret Service - would like to see a fellow Australian replace Daniel Craig.
Lazenby told TMZ a "good-looking Aussie dude" such as Liam would be the best person to step into Bond's shoes, after Craig has played the role for five films since 2006.
He added that the next actor to play Bond need to be "crazy enough, arrogant enough, confident enough, ambitious enough to take on the role."
Lazenby previously tipped Australian Margot Robbie to be the first female Bond.
He said: : "I would rather see a woman on screen than a man, so it might be a good idea having a woman play James Bond... Jane Bond. I think it's a good idea.
"I mean, why not? There's an Australian actress that I was just listening to on the television today, Margot Robbie. She would be good. She's ballsy.
"She comes across like she's very confident... if you can pull that off, people will believe you."
But Bond producer Barbara Broccoli has said the new 007 will not be a woman.
She told Variety: "[James Bond] can be of any color, but he is male. I’m not particularly interested in taking a male character and having a woman play it."
Lazenby played James Bond only once, in 1969's On Her Majesty's Secret Service, co-starring Dame Diana Rigg.
He was cast in the role after the late Sir Sean Connery stepped down following You Only Live Twice, but was replaced by a returning Connery in Diamonds Are Forever, before Sir Roger Moore took over the role from 1973's Live and Let Die.
Lazenby last year had to apologise for making "hurtful" and "homophobic comments" during a live show of music from the 007 franchise.
The Australian actor was accused of being homophobic, disrespectful to women with offensive tales of his sexual conquests, using bad language and not showing adequate respect regarding the death of Queen Elizabeth II.
He said in a statement: "I am sorry and saddened to hear that my stories in Perth on Saturday might have offended some people. It was never my intention to make hurtful or homophobic comments and I am truly sorry if my stories that I have shared many times were taken that way. I only ever wish to share."