France international Lloris ended any doubts about his future at White Hart Lane when he signed a new five-year contract earlier this month.
He has made 78 appearances for Spurs since his 2012 move from Lyon and he has impressed during his time in the Premier League.
Friedel, who joined Spurs 12 months before Lloris, has praised the 27-year-old and believes new manager Mauricio Pochettino has at his disposal a keeper who can be a fixture in the team for years to come.
"When I first signed for Tottenham, I said a club like this deserves to have a youngish goalkeeper who can expect to be at the club for 10 to 14 years, maybe even longer," Friedel told The Sun.
"I believe we now have that goalkeeper in Hugo. He could be the No.1 here for many, many years to come.
"I can't speak highly enough of Hugo. He is a very good pro and a very good guy.
"We have seen what his exceptional talents are. He is one of the best keepers in the world at coming off his line and cutting out through balls. He is so quick.
"The new manager is also going to have the luxury of a keeper with a couple of seasons' experience in the Premier League under his belt.
"He was one of the better goalkeepers at the World Cup and it is a very good move by Tottenham to extend his contract."