Amakhosi are currently battling through a difficult spell under co-coaches Cedric Kaze and Khalil Ben Youssef, with the team suffering four consecutive defeats in all competitions.
The run of poor results has severely dented their hopes of mounting a serious title challenge in the Betway Premiership, leaving the club in sixth place on the table with 30 points from 18 matches.
Chiefs' recent setbacks include a heavy 3-0 defeat to fierce rivals Orlando Pirates, a 2-1 loss against Stellenbosch, and a frustrating 1-0 defeat to Richards Bay - having also been eliminated in the group stages of CAF Confederation Cup.
Masilela believes decisive action is required if the club hopes to close the gap on dominant sides such as Mamelodi Sundowns and Orlando Pirates.
"I think at Chiefs, they do have good players. However, I'm not sure if they have quality players to challenge Sundowns and Pirates that we are watching today," Masilela said on the SoccerBeat Podcast.
The retired left-back suggested that Chiefs should consider appointing either Benni McCarthy or Rulani Mokwena as head coach.
"I think if they hire either of the two coaches, Rulani Mokwena or Benni McCarthy, you would see their style of play or philosophy reflected in this current team. The players that are there can achieve great things," he added.
The current technical team took over following the departure of Nasreddine Nabi earlier in the season. Nabi had previously guided Chiefs to a memorable triumph in the Nedbank Cup final against Orlando Pirates, ending a decade-long trophy drought and securing qualification for the CAF Confederation Cup.
However, the club's fortunes have dipped since his exit. Chiefs have already suffered early eliminations from the Carling Knockout and the Nedbank Cup, while their continental campaign also ended at the group stage.
Former Kaizer Chiefs playmaker Junior Khanye has called on young attacker Mduduzi Shabalala to show greater maturity and decisiveness on the pitch as the Glamour Boys aim to climb the table.
Kaizer Chiefs have received a timely boost ahead of their clash against Magesi, with the return of Sibongiseni Mthethwa and Aden McCarthy strengthening the squad for Saturday's encounter.
Rulani Mokwena has pushed back against claims that money influenced his surprising departure from MC Alger to Al Ittihad, instead pointing to ambition and purpose.
Benni McCarthy is backing Bafana Bafana to impress at the upcoming FIFA World Club taking place in the United States, Canada and Mexico from June.
