At 38 years old, Denver Broncos star Manning is now of the age that Montana was when he called time on his football career, while New England Patriots signal caller Brady is two years Manning's junior.
Montana told NFL Total Access that injuries played a part in his decision to quit.
He said: "I say play as long as you can. Because the minute you get out, no matter how ready you think you are and you say it's time, I was saying, 'Why did I do that? I should have continued to play.'
"Because your body tells you something, your mind tells you something, but in reality as physically as long as you can play, I would play because it's like quitting cold turkey.
"Physically, if you have problems, different story. But these two are quite healthy. They should carry on."