Hamilton has won four titles in the five years of V6 Hybrid power thus far, taking his tally to five, and he is in a strong position to move just one off Michael Schumacher's all-time record of seven this year.
Having seen a bold move to Mercedes pay off in spades, Hamilton has ben routinely linked with a stunning move to Ferrari, something his boss at the Silver Arrows Toto Wolff spoke of in understanding and well-humoured terms recently, saying: "Everyone wants to go with the redhead."
However, Button says switching to the Scuderia would be a disastrous move for Hamilton, who would be better served staying put and racking up more titles and records.
"Lewis could end up with 10 world championships if he stays at Mercedes, but if he goes to Ferrari it might just be that - the end of his career," said Button.
"I am sure every driver wants to race for Ferrari, but no driver in their right mind would move from a winning team to a team which is not competitive.
"It is not like he is not getting paid well. He definitely doesn't need to worry about that."
Hamilton enters this weekend's British Grand Prix looking for a record-breaking sixth win in his home event, which would extend his 31-point lead over Mercedes team-mate Valtteri Bottas.