Mark Bosnich claims the Manchester United squad needs a multi-million pound rebuild this summer.
The Red Devils are currently seventh in the Premier League table and look unlikely to get themselves into the Champions League next season.
But Bosnich admits United will have to splash the cash to improve the squad ahead of next season.
As quoted on the TalkSport website, he said: “Man United will probably have to spend a little more than £200m.
“Money wise, Manchester 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’.”