“Michael has a huge amount to offer. I'm very happy with his performance.”
Mercedes team boss Ross Brawn
But Button believes his countryman will remain with McLaren.
"I think I'll have the same team-mate next year because this is the best place for him," said Button, speaking ahead of this weekend's Italian Grand Prix at Monza.
"If you're in the same place for too long, it can get a bit stale, but not here. This is a great team and a team that's always giving us a chance to fight for wins.
"Whether we've had the chance to fight for the championship, that's another question, but they always give you the possibility of winning grands prix and that's what a driver wants.
"I don't think anything will change next year in terms of driver line-ups, but I might be wrong."
Speculation about Hamilton's future has gathered pace in recent days.
The Englishman, who has spent his entire F1 career with McLaren, found himself in trouble during at last weekend's Belgian Grand Prix for tweeting sensitive technical information about the McLaren cars.
Italian GP: Michael Schumacher rejects retirement rumours
Then BBC F1 analyst Eddie Jordan said he was poised to join Mercedes after F1 boss Bernie Ecclestone hinted to Jordan that seven-time champion Michael Schumacher was to retire and leave the team.
Mercedes team boss Ross Brawn said a decision on his team's driver line-up was "still some way off".
"Lewis is a very good driver, an excellent driver," said Brawn. "We want to be a team that every driver wants to drive for."
But he added: "Michael has a huge amount to offer. I'm very happy with his performance. We have to find a solution together."
Schumacher, who came out of retirement in 2010, said he had yet to make a decision about his future but added that he was aware of the claims made by Jordan.
"There is no comment. Eddie can have his point of view," said the 43-year-old German, who insisted he was sticking to his original assertion that it would be October before Mercedes would make any sort of comment regarding his future. "I may regret giving that date, but I guess by then we'll have something to tell you."
Italian Grand Prix 2012, day one
Friday, 7 September: First practice 08:55 BST, BBC Sport website live text and audio commentary. Second practice 12:55, BBC Sport website live text and audio commentary.
Italian Grand Prix 2012, day two
Saturday, 8 September: Third practice 09:55 BST, BBC Sport website live text and audio commentary. Qualifying 13:00, BBC Sport website live text commentary and BBC Radio 5 live. Qualifying highlights: 17:30-18:45, BBC One.
Italian Grand Prix 2012, day three
Sunday, 9 September: Race: 13:00 BST, BBC Sport website live text commentary and BBC Radio 5 live. Highlights 17:30-19:00, BBC One. Race highlights repeat: 0030-0200, BBC Two.
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.