Hunt, who has won four Absa Premiership titles as well as four cup trophies in his coaching career, is currently taking a break in Plettenberg Bay following the end of the 2019/20 season.
The former Bidvest Wits and SuperSport United coach is being strongly linked with the vacant job at The Village along with Adel Amrouche and other more familiar names.
But McGregor, who is widely regarded as one of best strikers the club ever had back in late '80s and early '90s, says the other problem at Chiefs is the playing personnel.
Chiefs are unable to sign players until at least July 2021 unless their FIFA transfer can appeal to the Court of Arbitration for Sport is successful.
"Well it's hard hey, because if you bring a foreign coach it will take too long and with the ban on buying players, it's difficult for whoever comes in," McGregor tells snl24.com/kickoff.
"But for me you either gonna say you gonna get someone who plays with flair or anything, or we gonna look for a coach who's gonna win something for us.
"I don't know the [potential new coach] list yet but speaking of Gavin Hunt, for me if they wanna win something he's the ideal guy because he gets the best out of players.
"The only thing is, you are not going to do it with the flair or the Chiefs way [if Hunt is appointed] if you wanna call it that. So you gonna look at what's good and what's not good.
"Ja, I think he's the best coach available at the moment. He knows how to win, he's won trophies, he knows how to do it. So ja, if you wanna win something he's the right guy, he gets the best out of players.
"And unfortunately Chiefs have got some mediocre players so that is the big problem with them you know. So they need to relook at that. Who is getting the players in, how are they getting the players? They need to relook at that."
McGregor was asked if he thought the players who are currently at Chiefs will suit Hunt's style of play.
"Nah. Doesn't suit the style of Gavin," he admits.
"Also they don't have the players, they don't have quality. And that's the problem. You can have the best coach in the world, but if you don't have the quality it's gonna make it difficult you know."