England have lost all their Ashes Tests under Root's captaincy in Australia so far.
Ponting’s comment came as Root and company lost the third Test at MCG by an innings and 14 runs and, thereby, conceded an unassailable 3-0 lead to Australia in the five-match series.
In the ongoing Sydney Test, the tourists are battling to save the game, needing to chase a target of 388 on the final day.
If England lose the fourth Test, it would be Root’s 10th successive defeat in Australia as skipper without victory.
“The only person that can take over is Ben Stokes,” Ponting told Cricket Australia’s website. “I think Stokes would actually grow as a player if he was the captain of that side.
“I think with a bit of extra responsibility, he might become an even better player and that might have a good impact on the rest of the team.
“I don’t know Stokes that well, but if I was trying to change the face of English cricket and trying to give a bit more of a heartbeat and a bit more soul, then I think he’d be the one that I’d be looking at to lead the team.”
Earlier, former England skipper Michael Atherton also named Stokes as a viable option to replace Root as captain.
Meanwhile, the all-rounder has said that he has no ambition to be captain and backed Root to hold the post despite calls for the Yorkshireman to step down.
(With Reuters inputs)