The Frenchman Vieira has emerged as the leading contender to succeed Roy Hodgson.
The Eagles were linked with both Lucien Favre and former Wolves boss Nuno Espirito Santo to succeed Roy Hodgson who stepped down at the end of last season.
Frenchman Vieira, though, has emerged as the leading contender, with the south London club, who have been contacted for comment, reported to be close to finalising a deal with the former Arsenal captain.
Jordan, though, believes it would be something of a gamble to hand Vieira the job, given his relative lack of managerial experience.
“This is a very brave decision,” former Eagles chairman Jordan told talkSPORT.
“He’s not experienced in management in English football and managing Nice and New York City – with the greatest respect – aren’t blueprints because neither of those jobs were outstanding in terms of his attainment level.
“It is a risk. If I was taking the risk and looking down the list of available managers, I would make more of a case for Frank Lampard if I was moving in that territory.”
Jordan added: “Crystal Palace are in a state of flux, they have got half their playing squad out of contract.
“They have had a managerial roster that has been pretty safe and sound with one departure being Frank De Boer, which they rectified very quickly.
“If you look at it, it has been (Sam) Allardyce, (Tony) Pulis, Hodgson and (Alan) Pardew, all established English, Premier League managers that have been able to stabilise Crystal Palace in the Premier League.
“This is a vast departure and a brave one. Is it foolishly brave? Time will tell.
“I’d be surprised if it happens. If it is offered to Patrick Vieira, I’d think he would pull their arm of their shoulder to get a job in the Premier League.”
Vieira has made no secret of his desire to return to the English game, where he helped drive Arsenal to such success under Arsene Wenger.
Speaking to the ITV Football podcast with Mark Pougatch in May, the French World Cup winner was asked by current Palace midfielder Andros Townsend about rumours he was set for the Selhurst Park hotseat.
“I always wanted, and I still want to come to manage in the Premier League, because like what you were saying earlier, because of the passion of the fans,” Vieira said.
“I believe that the Premier League is one of the most interesting leagues in the world and you’re hearing all of the things about myself, but every door is open I will say.”