The 21-year-old has been in sparkling form in the Confederations Cup, scoring two memorable goals, and the Selecao coach has lauded him ahead of their clash with Italy
The 21-year-old Barcelona superstar was instrumental in the Selecao's victories over Japan and Mexico, scoring an audacious goal in both games and producing a terrific assist for Jo in the latter.
With the Azzurri the next test on the horizon, Felipao believes his player is now up there with the likes of Lionel Messi and Cristiano Ronaldo on current form.
"Neymar is one of the three best players in the world," the 64-year-old told AS.
"In Brazil we all know what he is capable of and we have seen him do some amazing things for a 21-year-old."
Neymar has been touted to reach the top for a number of years now, with some claiming he could one day better Messi's current exploits by the end of his career.
He made his Brazil debut in August 2010, and has won 36 caps, scoring 22 goals in the process.
The former Santos man signed for Barcelona earlier this month in a deal worth €57 million [£48m].