Toure was part of Arsene Wenger's 2004 side that went the entire season unbeaten - a feat yet to be repeated.
The Gunners boasted stars such as Thierry Henry, Patrick Vieira, Dennis Bergkamp and Sol Campbell, leaving little room for any hypothetical inclusions.
However, Toure believes one spot would be reserved for England international Saka who continues to shine under boss Mikel Arteta.
"I think Bukayo Saka," Toure told talkSPORT. "Obviously he's really good because he's got power and speed."
However, when asked who he would take out of Wenger's history-making side, Toure refused to say, saying: "I don't know.
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Toure was asked whether Freddie Ljungberg would be the man to make way for Saka, but the Ivorian kept schtum, instead preferring to highlight the Swede's attributes.
"Freddie scored a lot of goals, fantastic player," Toure added before continuing his assessment of Saka.
"He [Saka] dribbles two guys with 1v1 2v2. He's really, really good.
The 22-year-old will be hoping to write history of his own at the Emirates Stadium as Arsenal continue their push towards a first Premier League title in 20 years.
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Saka netted 14 times in the league last season as the Gunners pushed Manchester City all the way in a tightly-contested title race.
And it's been more of the same for the Arsenal academy graduate this time round, with six goals and six assists to his name in 14 Premier League and Champions League games.
Saka could end the campaign having added to his FA Cup winners medal in 2020.
Arsenal find themselves in a commanding position in their Champions League group while sitting just three-points adrift of leaders Manchester City in the race for this season's league crown.
The forward will also have one eye on Euro 2024 glory with the Three Lions ahead of next summers tournament in Germany.