The 45-year-old feels the two are both incredible players, but has a slight preference for the Argentine, while also having his say on Colombian Radamel FalcaoBarcelona forward Lionel Messi is a more complete player than Real Madrid attacker Cristiano Ronaldo.
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"Ronaldo or Messi, [Diego] Maradona or Pele, [Johan] Cruyff or [Marco] van Basten, Marcelo Salas or Zamorano... Why should we have to choose," Zamorano was quoted as saying by Marca.
"Ronaldo and Messi are both amazing and stand out from the rest. Maybe Messi is a more complete player, but they are both incredible players."
Zamorano then went on to say that Atletico Madrid's Radamel Falcao cannot be compared to any of the other leading strikers around in the game as he feels his role as an old-fashioned centre-forward is becoming obsolete.
"I get asked about Falcao a lot. A lot of people see a resemblance to my style of play. Falcao is the last great centre-forward in South America and the world. The traditional centre-forward is a dying breed.
"The new formations are spelling the end for the old-fashioned goal scorer. The new strikers are not out-and-out centre-forwards. Look at Messi, Ronaldo or [Wayne] Rooney. They are different. Falcao is the last one."
Falcao has so far netted 12 goals in eight official appearances for Atleti this term.