The actor, who played the spy in the 1969 On Her Majesty’s Secret Service, suggested the actor for the part in a recent interview with The Sun.
Lazenby, like Robbie, is a native of Australia.
“I would rather see a woman on screen than a man, so it might be a good idea having a woman play James Bond … Jane Bond. I think it’s a good idea,” he told the publication.
“I mean, why not?
“There’s an Australian actress who’s over here that I was just listening to on the television today, Margot Robbie.”
He added: “She comes across like she’s very confident … if you can pull that off, people will believe you.”
Lazenby starred in just one Bond film but has kept acting. The 2017 Hulu documentary Becoming Bond tells the story of how he landed the part and how it impacted his life and acting career.
The next planned Bond film, No Time to Die, is expected to be Daniel Craig’s last outing as 007.
It was supposed to be released in April but has been delayed to November due to the coronavirus pandemic.
No Time to Die will now come out on 12 November in the UK and 25 November in the US.