Scholes, who retired at the end of last season and was added to the club’s coaching staff, rates the Dutchman highly and admits if he is available then plenty of teams will be chasing his services.
He told MUTV: “Yes, Sneijder's brilliant. He's been brilliant for the last year or so with Inter and Holland.
“I don't think it probably worked out as well as he would have liked at Real Madrid but he's a top player.
“I'm sure there's a lot of clubs who will be after him if he is available.”
United chief executive David Gill has already admitted the Premier League title-holders are looking for one more addition to the squad before the transfer window shuts, and there is mounting speculation that Sneijder is that man.
It is rumoured that the Netherlands international’s £250,000-a-week (around €290,000) wages are proving an obstacle and that for the Red Devils to sign him he would have to lower his salary.
Scholes, who has yet to be replaced this summer in the centre of midfield, believes the current group of young players coming through the ranks at Old Trafford are talented enough to come in and make an impact.
He added: “We've got a lot of young talent as well, people like Tom Cleverley coming back from Wigan, Paul Pogba's another good player and another good midfielder in the youth team set-up.”
Scholes singled out Ryan Tunnicliffe, who has joined Peterborough on loan until the end of the calendar year, as one to watch.
The former England international continued: “It's very difficult to single people out because there were that many in that youth team that were brilliant last year.
“Ryan Tunnicliffe was sensational in midfield every time I saw him."
The former United player will take part in his testimonial at Old Trafford on Friday against an all-star New York Cosmos team presided over by former Red Devils captain Eric Cantona.