"I like Cesc Fabregas, he plays in the same position as I did in my playing days," said Schuster, who left his role with La Liga rivals Getafe to join Real.
"He has improved a lot in England, and learnt a lot from Arsene Wenger, a coach who I admire and who has done over the years a very good job with young players.
"I believe he is one of the few players in his position that can carry a team on his back, and when I say teams, I mean quality teams."
The prospect of Fabregas following legendary striker Henry out of the Emirates Stadium is a nightmare scenario for the Gunners, although the club are unlikely to be receptive to any Madrid approach.
He signed an eight-year contract just last summer and recently insisted: "In 10 days I'll be back training with Arsenal. My team. I'm staying in London."