After being dropped for the win at Manchester City on Sunday, Rashford has declared himself "ready for a new challenge" this week.
Scholes said on the Overlap: "I hate seeing local lads leave. I remember when Danny Welbeck and them left, just cast aside a little bit.
"I think the thing with Marcus is, he was so good two years ago when he had that season where he scored 30 goals, he's just never got back to that level again. That's why he gets the stick because he produced the standard and now, over the last 18 months or two years, whatever it's been, he's just nowhere near."
Scholes added: "It feels like the end for him. He doesn't look happy, the lad. Even if he's scoring a goal. You think, what's wrong with him. Is he getting the right support behind the scenes?
"You don't know what's happening. But it did happen with (Erik) ten Hag, I think he was late for a meeting before the Wolves game, and again, he's been left out of this squad. I think his on and off the field choices aren't quite right."