Gazza left Newcastle as a youngster for Tottenham, but doesn't want to see teenager Miley to do the same.
"He's only 18, you know, so he's got a bright future ahead of him," he told ChronicleLive via Poker Scout. "The thing is though, with young kids like that, and you've got the likes of Arsenal, Chelsea, Man City, willing to spend millions on players.
"Newcastle have got to make sure they look after them well because it won't be long before big teams will be coming in and offering millions for him. I was at Newcastle and I was on 25 quid a week playing against Man United and Liverpool.
"I got an offer of £1,500 at Tottenham for the first year and I thought that was really good.
"Jack Charlton told me I wasn’t going anywhere, then he left the club so I shot off quickly. It all depends whether he's (Lewis Miley) happy, but Newcastle are going places."