Hamilton wrapped up his second F1 driver's championship last month when he won the Abu Dhabi Grand Prix, adding the 2014 crown to his 2008 title with McLaren.
Blundell considers Hamilton to be a "special individual" and argued if Mercedes can give him a top car in 2015, the 29-year-old Briton will have a big shot at back-to-back world championships.
"He's [Hamilton] got the ability to do that," Blundell told PERFORM.
"At the end of the day he's only as good as what he's driving so the pressure is more on Mercedes Benz to produce a grand prix winning race car again and not so much on Lewis Hamilton.
"We've all seen what he can achieve, we can see what [Mercedes team-mate] Nico Rosberg can do as well. I think a great battle there will roll out again in 2015."
Blundell was thrilled Hamilton returned to the top of the pile this year and claimed his fellow Brit was clearly the best F1 driver in 2014.
"Lewis is the guy who should have won from the outset because at the end of the day he was the dominant force - 11 grand prix wins - well deserved," the 48-year-old said.
"Unfortunate that at the last race Nico Rosberg didn't have the car beneath him to have a battle on the circuit on the weekend in Abu Dhabi. But Lewis is a special individual and two-time world champion.
"I'm sure there's more in the bag for him."