The Hammers have lodged a bid to lease the stadium in Stratford for 99 years after their original bid to move to the London 2012 venue collapsed last year following complaints. If the newly-promoted Premier League outfit, who are one of four bidders under consideration, were to move it would mean leaving their Upton Park home after more than 100 years.
However, former England striker Hurst, who spent the majority of his playing career at West Ham, is convinced it would be the right decision.
"Absolutely, (I'm) 1,000% in favour, nobody's got a greater feeling about West Ham United at Upton Park than I have. I've rolled the pitch, I've painted the stands there and I have great attachments to the club, but we have to move on," Hurst, 70, told BBC Radio 5 Live's Sportsweek programme.
"We want to move on, we want to be in a bigger stadium with more access, we want to be a top Premiership club.
"With the support we get, which is fantastic, we should be mid-table and above in the Premier League, we don't want to be yo-yoing up and down, as we've been doing.
"And I strongly feel, and I hope I can convince all the West Ham fans that I meet, that is where we've got to go.
"It's still in our manor, to use an old east London expression, it's up the road, it's better access, its an absolutely magnificent stadium."
The World Cup winner added: "I'm sure in the long term it is far, far more beneficial for the club and I think the future of the club should be at the Olympic Park.
"I just feel so strongly that's where we've got to go."