Hatton will make his comeback at a sold out Manchester Evening News arena on November 24, against former world champion Vyacheslav Senchenko.
Tyson told The Telegraph that he believes Hatton can make a successful comeback if he is prepared to be patient and work his way back to the top of the sport.
He said: "It's really difficult coming back. You have to be consistent. Floyd Mayweather is a great champion. He's been undefeated for 14 years. That's ok if you're fighting once a year like he does, but if you're fighting four or five times a year you get better and better.
"Ricky was a very active fighter. Yes, I'm excited about his comeback.But is he excited about it?
"If he's excited about it, it excites me more. If he has the same vigour and hunger, that excites me.
"Ricky was in a lot of tough fights some people need time off to regenerate their batteries and we've seen people do that and come back and be successful."
'Iron' Mike is currently on a promotional tour of the United Kingdom to promote his new range of personalised fight gear, 'The Mike Tyson collection'.