Strahan has been heavily rumoured as the frontrunner for the Live with Kelly job, with an official announcement to be made on Tuesday (September 4).
Philbin – who hosted Live for nearly 25 years – has now told TMZ that he thinks Ripa and Strahan will make an "interesting" on-air duo.
"I happen to know Michael. He was with the football Giants for 15 years," he said." He's like an idol in New York City. He's always been quite funny. He's got a great sense of humour [and is] a big strapping guy."
The presenter continued: "It's going to be interesting. I think it's going to work out. It's going to be fine."
Philbin was also quizzed on if he has any advice for Strahan and Ripa, given that he went through a similar transition when Kathie Lee Gifford left Live in 2000.
"To both of them, I say, be patient with one another because it takes a while… Let them blend together and it'll work out fine," he said.
Ripa made history on Monday's edition of Live by hosting an episode solo for the very first time.