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The Red Devils beat Chelsea to the Premier League title in the 2007-08 season before defeating the Blues in the Champions League final.
United's 1998-99 side, however, secured the Champions League, Premier League and FA Cup in their remarkable treble-winning campaign.
Scholes would play an integral part in both United sides, while fellow Red Devils legend Neville was sidelined for the majority of the 2007-08 season due to injury.
Neville, who was captain at the time, believed that United side could have been the best in history had it not been for Pep Guardiola's incredible Barcelona team.
The 45-year-old former right-back told Sky Sports: "Without that great Barcelona team [2009-2011], I think that this would've been the greatest.
"There were eight players, I would say at the time Edwin Van der Sar, Patrice Evra, Nemanja Vidic, Rio Ferdinand, Paul Scholes, Ryan Giggs, Wayne Rooney, Cristiano Ronaldo, Carlos Tevez, you could put them in any team in the world, they were world class.
"I don't think Manchester United have ever had a team that had so many world-class players, and I look back at all the teams in history.
"Of course, there has been world-class players at Manchester United but to have eight almost nine best in position almost in the world at that time, it was an unbelievable team."
Scholes disagreed with Neville by pointing to the attacking options that the treble-winning squad boasted, featuring the likes of Dwight Yorke, Ole Gunnar Solskjaer, Andy Cole and Teddy Sheringham.
The 46-year-old former United star told DAZN: "I think Gary Neville thinks that's the best team he played in with them three [Cristiano Ronaldo, Carlos Tevez and Wayne Rooney].
"I preferred the four in 1999. Don't get me wrong, Rooney, Ronaldo, Tevez what a threesome -- absolutely devastating speed on the counter-attack but for me playing with Teddy and Yorke in that No 10 position it was always a position I liked to link with and then Ole and Coley brilliant again.
"There's not a lot to choose between them. I probably enjoyed it more because I was getting involved with the forward players and not so much in 2008."
Featured Image Credit: PA
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