The 48-year-old has been placed in temporary charge of the Black Cats after Paolo Di Canio was sacked at the Stadium of Light earlier this month after just five games in the Premier League.
Ball has stated that he would love the job on full-time terms, and Colback says that he would be behind the decision.
"I've worked with Bally a lot and he'd certainly be the one person who would love the job more than anyone," Colback told reporters. "The fans love him too.
"The decision is obviously nothing to do with me, but while he's here, he'll get everyone's support and commitment. I think it's obvious to see he's got the attributes of a manager.
"As a player, he showed why he was captain of teams. He's a leader and everyone gets fired up. Everyone respects him and I think that's the most important thing. It's made a big difference since he's come in and the players really want to do well for him, the fans and the club."
Sunderland host Manchester United at the weekend.