United made Juventus an offer of £85 million ($111 million) for the midfielder last week, but Juventus reportedly wants at least £100 million before it is willing to let him go.
Scholes, who is currently playing in a five-a-side tournament in India, is not convinced it would be a good investment on United's part, even though he rated Pogba when they briefly played together at United five years ago.
"He was a very talented young player, I played with him and I knew how good he was," he said.
"I just don't think he is worth £86 million. For that sort of money, you want someone who is going to score 50 goals a season like Ronaldo or Messi. Pogba is nowhere near there yet."
Pogba joined Juventus in 2012, and has so far scored 28 goals in 124 appearances for the club. Cristiano Ronaldo, on the other hand, has scored 260 goals in 236 appearances for Real Madrid. Messi has also punched way above Pogba's weight, converting 312 goals in 348 showings at Barcelona.But Scholes was a lot more optimistic about rival team Manchester City's purchase of Borussia Dortmund's Ilkay Gundogan for just over £20 million, saying that City was really getting its money worth at that price:
Scholes said: "I think Gundogan is a really impressive player. I've seen a lot of him at Borussia Dortmund. If he can stay fit, I think he can be a fantastic player. I also think he is great value for the money Manchester City paid for him. I think he is a bargain."
United does not have long to make its decision on Pogba if it wants him to start by the start of the Premier League season - its first game is on August 14 against Bournemouth.