Lumumba, 27, is contracted for another season but is assessing his options after his relationship with the club and coach Nathan Buckley became rocky late in the season.
A comment Lumumba regarded as homophobic added to a poster on a club wall was believed to be part of the issue.
Ball, who retired after the Magpies' last game in round 23, echoed the thoughts of former club captain Nick Maxwell, who told SEN on Tuesday sometimes it was better "for people to go in other directions and try other things".
"It's certainly an option and possibility for him," Ball told AFL.com.au at the AFLPA most valuable player award night on Tuesday.
"I know he's gone away to try and refresh a bit and take his mind of it, and hopefully that will allow him to come back and make a clear decision.
"I'm sure he'll sit down with the club and do that.
"But I'd certainly see it as an option for him. I know he sees himself as a Collingwood person, he's very passionate about the club, but we've seen in recent times that while it might be nice to be a one-club player, sometimes a fresh start and a change of scenery can help everyone."
Ball said he hadn't spoken to Lumumba for more than a week but would try to when he returned from his break.
He said he was confident the 2010 premiership backman would make the right call on his future.
"I think his first decision is whether he still wants to do it – I think he's said that," he said.
"Physically, he's certainly still very capable of doing that, then he'll have a look at whether he can stay at Collingwood or go and play somewhere else.
"I'm sure I'll chat with him in the next week or so and see how he's going; he's a mate and I'm sure he'll make the right decision for himself."
Ball said retirement hadn't yet sunk for him, as it just felt like the end of a regular season when he set about getting his body right after an arduous year.
The 30-year-old said in the lead up to his retirement announcement he felt he could play on and still possessed a competitive edge.
But it was then revealed would need back surgery to keep going.
He said he felt he had made the right call, and didn't expect rival clubs to try to change his mind.
"As I said at the time, I'm at peace with the decision at the moment and it would have to take something pretty radical to change it.
"I don't want that to be the headline. I'm happy with the call at the moment and I don't know what the cold light of day will bring, but I'm happy with the call at the moment."