The Les Miserables star was approached about the 007 role for 2006 film Casino Royale, but was too busy playing Wolverine in the X-Men series.
Hugh told The Sun: "At the time it was wrong for me, but when I saw Daniel (Craig) in the movie I thought maybe I should have been more interested, because it was great.
"But I am great mates with Daniel. When he was in Australia we caught up and, you know, no-one could have played Bond better."
Hugh, who plays Jean Valjean in the big-screen adaptation of Les Miserables, joked: "I will just wait. The good thing about Daniel is he's, what, 62 now, isn't he? He's falling apart at the seams. So I just keep telling him, 'I'm ready, whenever you want to let him go, I'm ready'."