Hamilton and Verstappen of course battled famously in a fiery and epic 2021 championship, with the Dutchman coming out on top following a controversial last lap at the final race in Abu Dhabi.
Mercedes though have struggled since, having only won one grand prix during that time thanks to George Russell's 2022 triumph in Brazil.
Hamilton finished third in the world championship last year behind Verstappen and Sergio Perez but heads into the new season as not even the best non-Red Bull challenger.
Lewis Hamilton is still at his peak
Button, who was team-mates with Hamilton at McLaren between 2010 and 2012, insists though that Hamilton has lost none of his ability and could be better than ever heading into the new season despite having turned 39 years old this month.
"When you've won for so many years and then suddenly that's taken away from you, it can work in two different ways," Button told Sky Sports.
"One, you are just like 'Well, there's no point anymore, I want to retire, I've been at the peak for so long and now I've not won a race in two years'. But also it can make you more hungry to get back to that, and Lewis is in that position right now I think.
"Lewis is as good as ever I would say in terms of his outright speed, but also now he seems much more comfortable in himself and confident in his ability, so he makes fewer mistakes. So he's even better now than he was five or six years ago.
"That's tough [for his rivals]. If he gets a car that's competitive enough to fight for victories, when someone's that strong and that confident in themselves it's difficult to beat, as you can see with Max Verstappen right now."