The Serbian has described the 19-year-old Brazil international as world-class, but said there is plenty to show before he can be considered the best of the best
Milutinovic, a former coach, acted as an advisor in helping Qatar winning the rights to host the 2022 tournament.
A close follower of international football, the Serbian hailed Neymar, who recently signed a new deal with Santos to stay on until 2014.
"I've seen him [Neymar] play. I'm glad to see a player come up with this quality," Milutinovic told Globoesporte.com.
"Neymar has excellent football qualities and has everything to become a star of world football.
"But only time will tell whether it will be one of the best of all time."
On Friday Neymar said his decision to stay with Santos rather than join Real Madrid or Barcelona "made history."
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