Bullard thinks Vardy should be part of Roy Hodgson's squad that travels to France in the summer.
Vardy has taken the league by storm this season by breaking the Premier League record for scoring in consecutive games (11) - and is currently the joint top scorer in the division with 15 goals.
Bullard said: “I would definitely take him – it’s not just his goals, his movement off the ball is superb and he is an absolute nightmare for all defenders. The boy doesn’t stop running and he would tire teams out, he could definitely be a key player."
Vardy's great form has been the catalyst to seeing the Foxes unexpectedly set the pace in the Premier League during the first half of the season, and may see them challenge for the Premier League title following a season where they had to rally to avoid relegation.
Competition for places is going to fierce for the squad for the European Championships but it is hard not to think that Vardy will be part of it if he keeps himself fit in the build-up to the tournament.
Tottenham's Harry Kane has shown he is in good goalscoring form, while captain Wayne Rooney is a certainty to be picked, and it's hard to think that Vardy won't be in Roy Hodgson's top three forwards going to the championships.
Some will say if Daniel Sturridge gets himself fit and scoring again between now and the end of the season that he will be able to make his case for a place in the side but the forward seems to struggle to get any sort of run in the Liverpool side together, while Theo Walcott could also be considered to lead the line.
Given that Vardy has been in and around the England set-up in recent qualification and friendly matches, it is hard not to see him as part of the Three Lions squad that heads to France in the summer.
Jimmy Bullard was talking as part of Carling Shirt Amnesty, an initiative giving football supporters throughout the UK the chance to swap a football shirt with the name of a recently sold player on the back, for a brand new one free of charge. Follow @Carling to find out if the #CarlingShirtAmnesty van will land at a city near you.