Chiefs recently announced that Ngcobo had been awarded the club's iconic number 12 jersey, drawing comparisons to former legends.
Mooki gained renowned status at the Soweto giants from 1994 to 2009, making over 400 appearances.
"I don't have a problem giving it to the boy, but Chiefs must know from now on that a lot is going to be expected from the boy," Khanye tells KickOff.
"Please people don't put too much pressure on the boy because that jersey is pressure on its own.
"I hope they are not giving Ngcobo the jersey because they want him to emulate Mooki.
"Because speaking honestly, the boy has not done much except show glimpses. He is still very young, and we can't put pressure on him.
"Yes, he's got the potential to be one of the best but not to Thabo Mooki's class."
Khanye also candidly revealed how he was denied the number 12 jersey while at Chiefs and ended up settling for number 13.
"Remember in my time, Thabo was still active, and I played alongside him," Khanye added.
"He welcomed me, and I loved that guy. I wished to wear his jersey.
"There was number 11 Jabu (Mahlangu), Thabo 12, so they gave me 13. With Thabo still at Chiefs, it was difficult for me to get his jersey.
"Ngcobo has the potential to build his own name, but he is not yet at the level of Thabo Mooki.
"Ngcobo's got a bright future, yes, but if they give him the jersey because they are expecting miracles, it will be a problem.
"Tsiki-Tsiki was one of the best midfield maestros I have ever seen. Yinja leya. That guy had vision.
"He used to score during (Soweto) derbies with both his feet. He was the most skilful player ever."
Scroll through the gallery to see Chiefs' youngest debutants since 2006...
14. Phakamani Mngadi made his Chiefs debut aged 19 years 11 months and 3 days against University of Pretoria on 13 September 2014
13. Siyabonga Ngezana made his Chiefs debut aged 19 years 11 months and 2 days against Mamelodi Sundowns on 17 October 2017
12. Lucky Baloyi made his debut aged 19 years 10 months and 12 days against Mamelodi Sundowns on 1 May 2011
11. Njabulo Blom made his debut aged 19 years 9 months and 20 days against Golden Arrows on 1 October 2019
10. Lorenzo Gordinho made his debut aged 19 years 9 months and 16 days against Maritzburg United on 11 February 2014
9. Simphiwe Mtsweni made his debut aged 19 years 7 months and 9 days against Bloem Celtic on 19 February 2014
8. George Lebese made his debut aged 19 years 6 months and 27 days against Thanda Royal Zulu on 30 August 2008
7. Jonathan Quartey made his debut aged 19 years 4 months and 10 days against Jomo Cosmos on 25 August 2007.
6. Nkosingiphile Ngcobo made his debut aged 19 years 3 months and 21 days against Maritzburg United on 9 March 2019
5. Michael Nkambule made his debut aged 19 years 3 months and 17 days against Thanda Royal Zulu on 13 February 2005
4. Knowledge Musona made his debut aged 19 years 1 month and 18 days against Santos on 8 August 2009
3. Mandla Masango made his Chiefs debut aged 18 years and 28 days against Benoni Premier United on 15 August 2007.
2. Wiseman Meyiwa made his Chiefs debut aged 17 years 8 months and 17 days against Cape Town City on 12 September 2017
1. Keletso Sifama was 17 years, 8 months and 17 days when he made his debut against Polokwane City on 15 August 2020.