The Red Devils captain has endured a season to forget, culminating in Old Trafford cheering his substitution during the Champions League exit at the hands of Atletico Madrid.
Maguire remains the most expensive defender in football history, usurping Liverpool centre-back Virgil van Dijk following the £80m switch from Leicester to United in 2019.
However, ex-Palace owner Jordan insists the England international does not belong in the same breath as the Dutchman, or Premier League legends such as Rio Ferdinand, Nemanja Vidic and John Terry.
Speaking on One-To-One with Simon Jordan, the talkSPORT host said: "I think at £80million, Leicester must've been laughing all the way to the bank and sent him there in a cab.
"He's a decent centre-back, but he isn't anywhere near the level of centre-backs that have gone in the past.
"If you look at him and you look at people like Ferdinand, Vidic, Terry - if you think Maguire is in the same breath, then there's something wrong with your eyesight, because he's not.
"He is sort of the embodiment of the new Man United: we spend a lot of money on players that aren't good enough to play for Man United and take us back to the levels where we once were before.
"I'm sure he's a decent lad. I'm sure he gives his best. But we're talking about the players that are capable of pushing Man United to the next level.
"If you look at Van Dijk as a defender, and you look at Maguire, if you think they're in the same breath, then you're unwell."
However, when asked whether Maguire should be dropped from the upcoming England squad, Jordan admits the Man United defender has never let his country down.
He continued: "Look, it's for Gareth Southgate to decide who he does and doesn't pick. But Maguire has never been on my list of top defenders.
"He's not let Southgate down. So Southgate, being Southgate, will want to look at two things: current form and how he's played for England in the past.
"I wouldn't pick him, but I'm not the England manager. I wouldn't put him in the Man United side because I don't think he's good enough."