Ecclestone told Sky Sports on Jan 21: "Whether favourite or not I think he's going to win it. Mercedes has done such a good job with its power unit it's left everybody behind. I can't see people catching up that quickly.
"Maybe in three years."
'HE'S A RAPPER'
Hamilton took his second championship in 2014 after winning 11 of 19 races for Mercedes while team mate Nico Rosberg, won five times and was second in the championship.
Ecclestone said Hamilton, who turned 30 in January 2015, was a good champion for the sport because he was better-known than Rosberg and more easily recognisable.
Ecclestone said: "He's a rapper. So we're going to get to a completely different audience as well now. He's going to be good as a champion."
The 2015 season will start in Melbourne, Australia on March 15.
NEW MERCEDES CONTRACT?
Hamilton has yet to sign a contract beyond 2015 but has said he is relaxed with the situation.
Hamilton told Sky Sports: "I was at the factory for a couple of days but I haven't sat down with the team but we said (at the end of 2014) year that we are not in a rush, we are relaxed.
Stay with Wheels24 for the 2015 F1 season – fresh reports every day.