In an interview with the Portuguese newspaper, Mijatovic revealed he thinks Matic could become one of Europe's best players. The Serbian international joined Benfica as part of the deal that brought David Luiz to Chelsea in the 2011 January transfer window.
And Mijatovic, who played for Real Madrid for three seasons between 1996 and 199, believes Matic has the quality to play for the Spanish giants as well.
"He is an impressive player," Mijatovic told A Bola. "I watch the central midfielders in Europe and I see no one better than him.
"I have closely followed his progress and see that he's matured a lot. He has more experience and will become a real playmaker, one of the best players in European football.
"[And] I am sure that soon he will jump into a major club. Benfica is a good club to show [his ability] in Europe, but I would love watching him play in the jersey of Real Madrid.
"I am no longer at the club, but I sincerely believe it would be a great signing."
Mijatovic also spent three years at the Bernabeu as Real Madrid's director of football between 2006 and 2009.
A Bola asked Mijatovic to put a transfer valuation on the midfielder - suggesting a €100m starting point following Gareth Bale's summer move to the Bernabeu.
But the former-Madrid director resisted such a heady price tag, although he did concede that the Chelsea transfer target would not come cheap.
"It would be fantastic for Benfica to receive €100m for Matic. But I do not think it can happen.
"It is hard to talk about numbers, it depends on many circumstances, the moment when the possibility of a transfer arises and the degree of interest of the club who wants to buy.
"What I can say is that when the opportunity arises to change clubs, Matic for sure will not come cheap."
Over the summer Benfica boss Jorge Jesus admitted it would be "almost impossible" to hold on to Matic in the face of interest from Chelsea manager Jose Mourinho. Benfica reportedly slapped a £38m asking price on the midfielder in an effort to hold on to him.
And the transfer deadline came and went with the Serbian still at the club, although both Chelsea and Real Madrid could launch bids in the January window.