The Red Devils boss has dropped the Frenchman in recent matches to accommodate two defensive midfielders, with Scott McTominay and Fred preferred behind Fernandes in the 0-0 stalemate with Chelsea on Saturday.
But United icon Neville, speaking on Sky Sports' Monday Night Football, believes his former teammate should consider using both players in an adance position with a single holding midfielder behind them, in a similar way to how Pep Guardiola used David Silva and Kevin de Bruyne at Man City.
He said: "I think it's a problem when you have £150million worth of midfielders on the bench.
"You've got one player who has won the World Cup and been dominant in Europe.
"He's Manchester United's record signing and yet can't get in the team.
"For me, I've never understood why Ole hasn't tried one sitter with Pogba and Fernandes in front, like De Bruyne and David Silva.
"De Bruyne and Silva weren't disciplined midfield players before Pep Guardiola arrived, he made them into that.
"So that's the only system I can see where it would be obvious to get those two into position
He added: "Maybe Ole has seen it in training and didn't like it.
"More often than not, Ole has played Matic and Pogba sitting alongside each other with Fernandes in front.
"Pogba can't play there, in that position you do need to be disciplined. But with one holding player you do have more freedom to run forward."
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Jamie Carragher, however, disagreed with his colleague and claimed the partnership would never work.
He said: "It's better for the team having Fred and McTominay in there.
"But a Fred and McTominay centre-midfield is not good enough for Manchester United to challenge for the Premier League.
"Fernandes is their man in the No10 position but I don't know how Ole can continue not to pick a £90million signing.
"It's not easy for the manager but at some stage he will get back into the team. But for me Pogba and Fernandes will never work."
The Red Devils are currently 15th in the Premier League table, having won only two of their opening five games.
Gary Neville has urged Manchester United boss Ole Gunnar Solskjaer to consider using both Bruno Fernandes and Paul Pogba as attacking midfielders in his XI.