The League Two club included an international appearance incentive in the deal that took Hill to Bournemouth in January 2022, with the clause reportedly worth just over £1million when the defender earns his first senior cap.
The 24-year-old was named in England's squad on Tuesday after Arsenal defender Ezri Konsa withdrew through injury ahead of the Nations League meeting with Croatia on Thursday.
Hill has made 15 appearances for Bournemouth this season and has earned recognition for his performances at the south-coast club. He previously represented England at under-20 and under-21 level, but this is his first selection for the senior team.
The potential payment would represent a significant boost for Fleetwood, who developed Hill after he joined their academy and became the club's youngest-ever first-team player at the age of 16.
The club celebrated his international recognition on social media, highlighting the journey from academy prospect to a senior England call-up.
"From becoming our youngest-ever first-team player at just 16 to earning his first senior England call-up," Fleetwood posted.
"Congratulations to Fleetwood Town Academy graduate James Hill. What a journey!"
The reported bonus is not triggered simply by being named in the squad. Hill would need to make his first appearance for England to activate the clause, meaning Fleetwood will be watching closely to see whether he is given an opportunity during the international break.
The defender's inclusion comes at a difficult time for England's defensive options. Konsa is unavailable for the Croatia match, while Marc Guehi has also withdrawn from the squad with an injury. Dan Burn has been called up as Guehi's replacement.
Konsa is expected to return to full training this week ahead of Sunday's fixture against Spain at the Metropolitano Stadium in Madrid.
Hill is among the players now available to Tuchel as he considers his options for the two matches. England also have Jarrad Branthwaite, Lewis Hall, Jarell Quansah, Djed Spence, Trent Alexander-Arnold and Ben White in their defensive group.
The call-up is another important step in Hill's career after his development at Fleetwood and subsequent move to Bournemouth. His progress has been rewarded with the opportunity to compete for a first senior appearance, while his former club could benefit financially if he makes it onto the pitch.
Fleetwood have previously been associated with including international-related incentives in transfer agreements. The club reportedly inserted a bonus clause into Jamie Vardy's contract when the striker left for Leicester City in 2012.
For now, the immediate focus is on whether Hill can turn his first senior selection into an England debut. If he does, Fleetwood will receive a substantial return from the agreement made when he left the club almost five years ago.