The Chile international has become a fans' favourite at the Emirates Stadium after scoring 20 goals in all competitions for the London club since joining from Barcelona.
McLintock, who made 403 appearances for Arsenal between 1964 and 1973, has been impressed with the impact the former has made for Arsene Wenger's side.
Speaking to Perform, he said: "I heard it said recently how many of the Arsenal side would get into past Arsenal sides?
"They said probably [Alexis] Sanchez and that's not too far away. Two or three others would come close."
Sanchez has been part of an Arsenal that has enjoyed an excellent run, winning their past eight league matches to climb to second in the Premier League table with six games to play.
Chelsea have shown little sign of slipping up as the season nears a conclusion and Jose Mourinho's side remain seven points clear at the top with a game in hand against bottom club Leicester City, so McLintock does not see Arsenal being a threat to their London rivals.
"No I don't [think Arsenal are contenders] actually. I think when you look at Chelsea they haven't got any real weaknesses," he added.
"Their only problem recently is [Diego] Costa being injured. [Didier] Drogba has been one of the best centre forwards we've seen in this country, but he's past his best.
"Loic Remy was injured on Sunday and they lacked a bit of cutting edge up front, but I do feel they haven't got many weaknesses and I can see them seeing it through.
"It might be quite tight but Arsenal have a couple of tough games against Manchester United and Chelsea.
McLintock suggests that the club have to change their mentality from accepting qualifying for the UEFA Champions League as an achievement if they want to challenge for the title next season.
"I think we have to be a bit better than we are," he said. "But they're doing well. I'm happy they're doing well, it's a good sign. They've got lots of money behind them and the debt is under control and has been for two or three years.
"I don't want to see Arsenal talking about getting top four, I can't believe they're setting their standards that low. They should be talking about wanting to win the championship and winning our first European Cup.
"I don't want to see us talking as though getting fourth place is good enough, we should be aiming our sights much higher."
