The former midfielder believes top teams should be "very, very careful" about paying big money to sign Leicester stars this summer.
The Foxes pulled off one of the most amazing stories in football this season by winning a first ever league title, success which was based largely on the superb consistent displays of players such as England internationals Jamie Vardy and Danny Drinkwater, and PFA Player of the Year Riyad Mahrez.
Almost all of Leicester's stars had been virtual unknowns before Claudio Ranieri led them to the most astonishing of successes, and they are now being linked with lucrative moves to traditionally more successful clubs.
Jamie Vardy is expected to make a decision this week on whether to join Arsenal after the Gunners launched a bid worth around £20 million for the striker, whilst the Gunners are also believed to be at the front of the queue for 17-goal midfielder Mahrez.
However, McAteer has suggested that clubs could easily fall into the trap of believing that the Foxes' players are bona fide stars based on the form of a single season, and has warned that potential suitors should be cautious when considering a move for any of the King Power Stadium's finest.
The former Liverpool and Republic of Ireland midfielder told the Daily Star: "It's like what happens after every major tournament. There's always a couple of players who you wouldn't expect that would stand out, who end up getting great moves out of it.
"I know where Leicester have had this unbelievable season, everyone wants to buy Vardy, Mahrez and Drinkwater. The two-centre halves have all of a sudden become world-beaters - Kasper Schmeichel is as good as his dad [legendary Manchester United goalkeeper Peter].
"I don't personally think Leicester are going to be able to sustain it. It was one of those things - and i don't think it'll happen again. Take Drinkwater out of the comfort of that team and I don't think you quite get the same player. You have to be very, very careful when you sign players like that."
It is perhaps an understandable warning given that the majority of Leicester's success was based on the players' quality as a team unit, but one which, given the short-termism of modern football, is unlikely to be heeded too closely by big-spending clubs over the next few months.