The Old Trafford outfit, who spent £150m in the summer to bring in six players, namely Luke Shaw, Ander Herrera, Marcos Rojo, Angel di Maria, Daley Blind and Radamel Falcao, are still struggling in the Premier League.
Manchester United lost 5-3 to newly promoted side Leicester City at the weekend and are currently 12th in the Premier League with five points from as many games, eight adrift of leaders Chelsea.
And Neville, who acted as Manchester United’s first-team coach last term, believes Louis van Gaal’s side need to spend big in two more transfer windows to have any chance of winning the Premier League.
"I know United have spent £150m", he told the BBC.
"I think there's another two transfer windows of similar amounts of money needed – maybe £100m – before they can even think about winning the title."
Neville, who returned to Old Trafford with former Everton manager David Moyes last summer to join the coaching staff, identified defence and midfield as areas which need addressing.
"I think the centre-back position is obviously the key area.
"Holding midfield or centre midfield needs addressing."
Manchester United, who are out of the League Cup after losing 4-0 to MK Dons last month, will next face West Ham United in the Premier League at Old Trafford on Saturday.
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