England's Joe Hart reacts
The 23-year-old looked like he was a dead cert for Roy Hodgson's England squad for the European Championships, after enjoying a phenomenal season at the Britannia, before getting injured in the friendly win over Germany in March.
And Banks thinks Hodgson may have replaced Hart during the Euros had Butland been in the squad.
"Hart made a couple of bad mistakes but we all make mistakes," Banks told the Express. "Everybody does that and you can't just hammer him because of it. He's reasonably good.
Stoke's Jack Butland
"But remember Jack Butland at Stoke City got injured in that international friendly. I'm pretty certain that after that first mistake Hart made that Hodgson would have popped Butland in."
With Hodgson out and a new manager coming in, Banks has urged whoever takes charge to look to the Potters star as the nation's goalkeeper.
"Whoever gets that job of managing the England side, I would be really disappointed if he doesn't straight away play Butland," Banks added.
"He's only 23 so this is the time to get him in there and give him the experience. Honestly, I'm pretty certain that he will become the next England goalkeeper. He's the man."
Banks is widely regarded as England's greatest ever goalkeeper, and one of the best to have ever played the game.
England's Gordon Banks makes a great save from a header by Brazil's Pele
As the first choice in the World Cup winning squad in 1966, the former Potters and Leicester 'keeper secured a place in folklore, while his memorable save from Pele in 1970 is one of football's great examples of skill.
Therefore it is some recommendation for Butland as England prepare to embark on a new adventure with an as yet unchosen manager.
Hart was widely criticised during the tournament for a number of the goals England conceded, specifically the strikes from outside the box against both Wales and Iceland.
The Manchester City man has rarely been challenged in the eight years since he claimed the goalkeeping jersey for England, and he has also been questioned by another world cup winning goalkeeper in recent days in ex France star Fabien Barthez.
With 63 caps to his name, it is likely that Hart may for the first time in his international career be under real pressure in the upcoming games, from Butland, but also the likes of Southampton stopper Fraser Forster.
England's Jack Butland (C) and John Ruddy (R) with goalkeeping coach Dave Watson during training