Michael Owen believes Manchester United should be finishing in the Premier League's top two given the money they have spent and that third place would represent a "bad season."
United are currently fourth in the table, 12 points adrift of leaders Chelsea and one clear of fifth-placed Arsenal.
But while Louis van Gaal has said the Red Devils' target this term is a top-four finish, Owen -- who spent three years at Old Trafford -- feels they should be aiming higher after bringing in big-name players such as Angel Di Maria and Radamel Falcao in the summer.
"People keep saying they are going to get a top-four [finish] and that was the aim, [but] that is the absolute bare minimum -- top four for Manchester United?" Owen told BT Sport.
"After spending 150 million pounds and having the players they have, they should be first, second, third. Third should be a bad season."
Owen went on to discuss the performances of some of United's players this season and he believes Robin van Persie and Juan Mata need to improve their displays if they want to keep their place in Van Gaal's team.
"I don't think any of the strikers are performing," he said. "Robin van Persie has gone quiet, he's scored the odd goal but he's not the player he was over the past few years.
"I don't necessarily blame the strikers as Manchester United aren't creating loads of chances. They are not functioning as a team and if you don't function as a team, and your strikers and midfielders aren't working hard, then you'll concede goals.
"The likes of Mata and Van Persie need to start doing more. Mata's had a half-decent season but I wouldn't say I'm his biggest fan."