Despite their FA Cup elimination at the hands of Fulham on Sunday, Pallister says the time to rule on United's manager will be the opening months of next season.
United face Real Sociedad in the first-leg of their Europa League round 16 tie on Thursday, while sitting in 14th place on the Premier League table.
Pallister, who won four Premier League titles as a United player, told Tribalfootball.com: “Our goal is to win the Premier League.
“You can't say United are anywhere near 'the mix' at the moment. We're going through a change and who knows what's going to happen in the summer.
"I think everybody's got a price tag, and perhaps we're going to have to sell before we can buy, which is down to money that we've wasted over recent years on bad signings."
Asked about Amorim's claims of United challenging for the title next season, Pallister admits he disagrees.
He said, “At this moment in time, you have to say we're a very long way away. But it's a new manager, it's a new era. I think we probably have to start seeing results at the start of next season, given that he's already said he's going to stick with the way he wants to play with this formation.
"The time to judge him will be a couple of months into the next season, when he's had a chance to change things around. To implement his style more, spend more time on the training pitch with the players, get them to believe and get them to understand how he wants them to play. Hopefully, we get a clearer view at the start of next season.”
- Gary Pallister was speaking to Tribalfootball.com on behalf of CasinoApps