Burley gave the striker his debut when he was an 18-year-old at Southampton, who were in the second tier of English football at the time.
Having worked closely with the 25-year-old, Burley feels that the centre-forward can play a major role in helping Ipswich retain their status as a Championship club.
"We had a very good crop of youngsters at Southampton – the likes of Theo Walcott, Gareth Bale, Kenwyne Jones, Adam Lallana and Dexter Blackstock, but I always knew David had all the talent in the world," Burley is quoted as saying by the East Anglian Daily Times.
"David is not going to out-pace everyone like Theo or Gareth but he is a clever player, especially with the ball at his feet and can make things happen. You just need the right balance around him.
"He is still a young lad and showed at Coventry earlier this season that he has an eye for a goal. He looked fit and sharp against Middlesbrough and I think he can be a key player between now and the end of the season."
McGoldrick joined Ipswich in January on a loan basis until the end of the campaign from Nottingham Forest.