Jonathan Woodgate, a former defender, said that clubs "can't buy success" and Newcastle supporters are living in "dreamland", if they believe they will sign players like Kylian Maappe.
Since being bought by Saudi Arabian-backed 305m deal, Newcastle have been linked to a variety of players.
Mbappe is a Paris St-Germain forward, Tottenham's Harry Kane, and Philippe Coutinho from Barcelona have been mentioned.
Woodgate stated that it was already difficult to get players to Newcastle.
After being sold by Mike Ashley last week, Newcastle became one the most wealthy clubs in the world. There are comparisons to Chelsea and Manchester City, which were both taken over by wealthy owners.
The gossip columns are stuffed with stars names that the club can afford to sign since the deal was signed, including France World Cup winner Mbappe whose contract expires next summer and who is expected to leave PSG.
Jurgen Klopp, Liverpool manager, warned that it would take time. He said: "In five to six years, or seven years, Newcastle will be a new superpower. They will have enough money for the entire league.
Woodgate, who spent a season with the club before moving to Real Madrid in 2004, stated on BBC Radio 5 Live's Friday Football Social that "if you look at it and the things they have to do, they must build the infrastructure from scratch over the years."
"If any player is looking for something about himself, he should go to Real Madrid, Barcelona or Manchester United. He's not going to be in Newcastle.
"It's hard enough to get players to the North East. I know from my experience playing for Newcastle, Middlesbrough and Leeds that it is hard to get players there.
"All the top players are wealthy, they want to win trophies. They want to be in European finals. They want to reach World Cups. But they don't want Newcastle. I don't mean to offend, but I do believe that they are right.
"Alan Shearer, a world-class player, signed for Newcastle because he was from Newcastle and wanted to fulfill a dream. It is rare to find more world-class players playing for this club.
"For Newcastle fans to believe they will get Kylian Mbappe or all the top players, it is dreamland. You have to build it. It's not easy. You can't buy success. This league doesn't have it this way.
It will take between 10-12 years
Bruce jokes that he hopes you feel the heat from your bosses.
The future of Steve Bruce has been the subject of intense speculation. Reports have suggested that they could be replaced by Lucien Favre (ex-Borussia Dortmund manager), Steven Gerrard (ex-Rangers manager), and Frank Lampard (ex-Chelsea boss).
Bruce stated that there were "no talks" about his future on Friday. Amanda Staveley, the new part-owner, confirmed that he would remain in charge of Sunday's Premier League match against Tottenham. This will be his 1,000th game as manager.
Woodgate, who was awarded eight England caps, said: "The treatment of Steve Bruce has been shocking. This is a manager who has played his 1,000th game. It is a sign that he is a good manager and shows the long-term success of the game.
The owners will do all they can to make this a great moment for the club. They will be looking at top managers, whether they are foreign or English. They have money to spend, and every manager wants it.
"They must make this right. It will take 10-12years, and they need to win an FA Cup, League Cup, before the Premier League or Champions League."
