The Everton boss, who managed Rooney prior to his 37 million euros move to Manchester United in 2004, has been forthcoming in his praise for the 26-year-old in the run-up to the 10th anniversary of his wonderstrike against Arsenal.
The strike announced Rooney's arrival as a player of exceptional talent and technique and, since that first goal, he has gone on to score 144 league goals and establish himself as one of the top players in the world.
Speaking to Sky Sports, Moyes admitted that he would welcome Rooney's return to Goodison Park and even speculated that the striker would also be open to the move.
"I would certainly welcome Wayne back," Moyes explained. "It's more likely to be later in his career but I think it is something even he would welcome."
Looking back on Rooney's now-famous strike, Moyes recalled the atmosphere after the match.
"There have been four or five occasions when I have been in the dressing room and been able to hear the supporters singing on their way home. That Arsenal game was one of them," he said.
He added, "They had just seen a boy who was probably one of the last street footballers, and he had gone on, at 16, and scored a spectacular winner against Arsenal. He was one of them."
Finally, Moyes praised Rooney for the way he has developed into a world class talent, stating: "I think he has gone on to be the player everyone expected him to be. He has won a European Cup and titles and has been exceptional."