Wednesday’s defeat to Bayern Munich ended any realistic hopes of Champions League football next season, with United seven points adrift of Arsenal in fourth place.
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But Bosnich, who made 23 appearance for the Red Devils in 1999-00, thinks the Scot will struggle to prevent his primary targets from falling into the clutches of his rivals once more – unless he spends big.
“Manchester United will probably have to spend a little more than £200m,” he told talkSPORT’s 'Alan Brazil Sports Breakfast' show.
“Money wise, United can afford to be out of the Champions League for a few years. Where they can’t afford to fall behind is in their ability to entice top players to the club.
“If you’re going to get the best players in the world to play for you, then some of them will take a little less [money] if they know they’re going to play in the Champions League.
“It’s the biggest level of football bar none, including the World Cup. That’s where it’s going to cost them.
“To entice those players you’re probably going to have to pay them a little more just because you’re not in the Champions League. You have to say, ’I know we’re not there this year, but if you come here then you can help us be in it the year after’.”