England's record goalscorer has not featured in any of his country's last five games, but his early-season form at Everton could see him return to the squad for next month's qualifiers against Malta and Lithuania.
Southgate has watched Rooney twice already this season and saw him notch his 200th Premier League goal in Everton's 1-1 draw at Manchester City on Monday night. Sky Bet make Rooney a 10/11 shot to force his way into England's squad for the World Cup finals in Russia in 2018.
But Hurst, whose hat-trick fired England to their only World Cup title in 1966, believes Southgate should not consider recalling the 31-year-old.
"He has made some bold decisions and I think the bold one he can make is, for me, to say it's the end of Wayne Rooney's international career," said Hurst.
"He has been an absolutely fantastic player. At club level he wasn't playing regularly for Manchester United last season, which is an indication - and if you are not playing regularly at club level you certainly should not represent England in my opinion.
"I wouldn't necessary call it a bold decision to not play Wayne Rooney any more, but if I were in charge of the national team I would call Wayne up and say, 'thanks very much'.
"He has been a fantastic player, one of the greatest players in this country but old Father Time, and I have been there as a striker, comes where you lose a bit of sharpness and I think his time playing for England is over."
Rooney has made an impressive start to life back at Goodison Park, scoring the winning goal against Stoke last weekend and following it up with another at the Etihad Stadium, but even a sustained run of form for the Toffees would not change Hurst's mind.
"He has got to play a lot of games and I am delighted for Wayne going back to a club he loves," he added. "But he has to be playing over a long period of time to be successful and selected.
"If he does it for half a season, where he's scoring goals and playing well, then maybe he could argue his case but then he's still another half a season down the road and him coming back into the squad might then be a distraction, particularly if they have done well."
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