Hoddle, Fabio Capello and Southampton boss Mauricio Pochettino have emerged as contenders for the position after Andre Villas-Boas' abrupt departure.
The former England boss was in charge at Spurs between 2001 and 2003 but has not been in club management since Wolves in 2006.
Gary Lineker was among those backing Hoddle, and Ardiles, Spurs boss from 1993 to 1994.
"For me, the man for the job is Glenn Hoddle," Ardiles told TalkSPORT.
"I think he is a wonderful manager and he is a lot more mature, so I think he will be a wonderful choice.
"He knows everything about the Premier League and Spurs especially."
Villas-Boas was sacked after Sunday's 5-0 loss at home to Liverpool, with Tim Sherwood placed in temporary charge.
Despite the Reds reverse and the earlier 6-0 defeat at Manchester City, Ardiles has confidence in the Spurs squad.
The former Argentina midfielder added: "I believe whoever is the manager will have a wonderful, wonderful squad. They have one of the best squads in the Premier League in fact.
"Unfortunately, things have not gone right this season, but in terms of the quality of our players it is absolutely second to none.
"It is a wonderful job at the end of the day. It is a big squad and a superb squad."
Sherwood, who is already on the coaching staff at White Hart Lane, is to take charge of Spurs in an interim role, beginning with Wednesday night's Capital One Cup quarter-final at home against West Ham.
Sherwood's position could be extended for a longer period depending on the club's search for a permanent successor.
The Hammers won 3-0 in the Premier League contest at White Hart Lane in early October and face a Tottenham side without captain Michael Dawson and midfielders Paulinho and Sandro.
Paulinho misses the first of three matches for his dismissal against Liverpool, while Dawson is banned for one match and Sandro is expected to be out for around a week with a calf injury.
Danny Rose (toe), Christian Eriksen (ankle), Vlad Chiriches (knee) and Younes Kaboul (thigh) could all return, but defender Jan Vertonghen (ankle) is out.