Wiggins missed this year's race through injury and illness, leaving Froome as the undisputed leader of Team Sky.
Froome triumphed in Paris on Sunday to give Britain back-to-back Tour de France champions, with next year's race set to start in the northern English county of Yorkshire.
"Bradley has been a champion for a number of years - he won the Tour de France and has been Olympic champion and world champion," Six-time Olympic champion Hoy, who retired earlier this year, said Tuesday.
"I'm sure if he wants to and he has the drive, he could easily be a champion again."
"It's one thing becoming a champion but the hardest thing is actually replicating that," Hoy added.
"Everybody is vying to take your spot once you are up there.
"Sport isn't everything in life.
"There is nothing like that winning feeling.
"But only a tiny percentage of your life as a sportsman is that.
"The rest of it is the unglamorous, painful slog that happens in between times.
"So ultimately, Bradley might be thinking that if his kids' lives are passing him by while he's out racing and training, maybe he wants to see his family grow up and spend time with them.
"I can completely understand that.
"It's a very personal thing.
"Once you have achieved your lifetime goal, you might not feel the desire to push on again.
"However, I wouldn't be surprised to see him on top again.
"He's had a bit of time out to refocus.
"It depends how much he really wants it."