The Gunners great says his old north London rivals have 'only looked after Harry Kane', but treat other players purely as 'commodities', following former star Kieran Tripper's criticism of the chief.
There is no questioning Levy's business ability, but that often means he prioritises a player's value over their interests and welfare.
Keown suggested that the likes of Christian Eriksen, Danny Rose, Moussa Dembele and others had not been respected by the chairman when asking for a new contract, and added that only star man Kane had been taken care of.
"When the likes of Eriksen tried to negotiate, it was all about the player, pressure on the player, he wants too much money," the former invincible said on White and Jordan.
"The only one they've really looked after is Harry Kane, to be honest.
"Dembele was allowed to leave at a key moment [to Chinese Super League side Guangzhou R&F for £11million in January 2019], in the season after they got to the Champions League final.
"Danny Rose was another player, they unsettled him and the did the same with [Kieran] Trippier.
"They got rid of [Kyle] Walker, he asked for a new deal and was sold for £50m.
"It's a business, they're commodities, you're made to feel that way at Spurs by Daniel Levy, aren't you.
"Because you're just a piece of meat at the end of the day, we get the most money for you, off you go."
The comments from Keown follow criticism from former Tottenham defender Trippier, who recently revealed that he discovered that Levy was attempting to sell him, two months before the end of the season, before his eventual move to Spanish club Atletico Madrid.
"As a footballer, you're trying to do your best and sometimes things don't go your way," Trippier - now back in the Premier League with Newcastle - told The Athletic.
"It just wasn't happening, but I was still getting picked by Mauricio Pochettino.
"After the Champions League final, it felt like the right time to move on. The media weren't really on my side at the time and maybe I needed to get out of England for a bit just to clear my mind. I never looked back.
"What annoyed me … as you know, people in football speak and there are always rumours, but I know 100 per cent for a fact - and this is what I was most angry about - that two months before the end of the season, Daniel (Levy, the chairman) was offering me to other clubs.
"I knew for certain that was happening, so I knew my time there must be up. I was playing for my teammates and the supporters, but I also knew I wasn't wanted."
Trippier also admitted he was left baffled by Levy's decision to sell Dembele midway through a crucial season for the team - believing that the midfielder's shock exit to Chinese side Guangzhou City cost Tottenham the chance to compete in the Champions League final.
"For me, the big one was selling Dembele that January. I think I can speak on behalf of the players who were there," Trippier added.
"In the dressing room, he was an unbelievable person and all the lads loved him, but on the pitch he was the kind of player who would make a couple of per cent difference. That's what wins you things.
"It baffled me that they would sell him. I know he was going to be a free [transfer] in the summer, but with the things we were challenging for, I would have kept him there and then let him go. He was the difference between winning a trophy or not."