"Sourav is a great batsman but I am afraid on present form he does not deserve to be selected," Waqar Younis told PTI over telephone from Lahore.
"If I were a selector, I would definitely not select him," he added.
Ganguly is passing through one of his worst batting forms. He scored just 48 runs in the recently concluded three-Test series against Pakistan and in the ODI series had scores of 0, 9, 4 and 18 before he was slapped with a six-match ban by International Cricket Council (ICC) match referee Chris Broad for India's slow over-rate against Pakistan in the fourth ODI at Ahmedabad.
"I think the Board of Control for Cricket in India (BCCI) and the selectors should decide how they feel about Sourav because they are the ones who chalk out (long term) strategies. They should ask themselves if they are ready and prepared to move-on without Sourav," said Waqar, who retired after the 2003 World Cup after playing 87 Tests and 262 One-day Internationals.
The former Pakistan speedster felt the BCCI should analyse the situation and begin thinking about Ganguly's replacement.
"Every captain has to go and the BCCI should start thinking about it. Rahul Dravid has done a good job in the past and he will improve if provided with an opportunity to regularly lead the team," Waqar said.
"But if he doesn't get the chance, how he will improve? The other thing that needs to be decided is how badly the Indian team needs Sourav," Waqar, who took 373 wickets Tests and 416 in One-dayers, said.
"That's why I am saying it's for the BCCI to decide how they evaluate the current situation," he added.
Waqar's assessment was in contrast to what Wasim Akram observed earlier this week when he advised the Indian selectors to be extremely careful in deciding about the future of the Indian captain.
Nevertheless, Waqar also had words of support and encouragement for Ganguly with whom he had been engaged in one of the finest cricket battles on the field.
"It is going to be difficult for him to put back the recent failures but he is capable of bouncing back.
"I think he should go away from cricket because if he does not do that, the pressure will keep mounting on him. He should relax and give rest to his body and mind, and I believe the ICC ban would serve that purpose."
Waqar said Ganguly should play in domestic competitions before returning and spend more time in nets after that.
"However, when he decides to return to cricket, he should spend most of his time in the nets. But it's very simple as far as I am concerned; he has to play in domestic competitions to prove his form and fitness before he can stake a claim for recall," he said.
Waqar denied speculations that he had been offered a coaching job in India. "I have not received any offer. I want to work with Pakistan and would love to step onto the field. But only on my terms and conditions. I would not accept any assignments for one or two series.
"It has to be a long term contract because I also need time to talk and work with the bowlers. I would only accept any contract that provides me enough time to work because I have my reputation at stake and also my career in the media," Waqar, whose popularity graph in the country has not gone down despite his retirement, added.