Giles also believes that the 37-year-old has been the archetypal midfield player throughout his career.
Scholes has been in remarkably good form despite his advancing years and has made 603 passes during the 604 minutes that he has been on the pitch.
Moreover, since he made the decision to come out of retirement, Manchester United have sealed 25 out of a possible 27 points, helping them to leapfrog Manchester City over the weekend and secure pole position with a four-point lead.
Giles, an FA Cup winner with United back in the 1960s, believes that Scholes has unique qualities that set him apart from the other leading players in the game.
"I am a great fan of Scholesy," he told the club website.
"Paul Scholes has been the only genuine, real midfield player in the last 15 years perhaps. Certainly in the Premier League, never mind for England, he's been a great player.
"In his early days he was scoring goals as well, but you look at him and only he can play and make that position on the pitch his own.
"He gets the ball from the back four and distributes it and nobody else can do that.
Giles was quick to appreciate the talents of other players as well, including a Spaniard from their Mancunian rivals. Nevertheless, he believes that Scholes has the authority to run the midfield like no other.
"I know you get different types of midfielder - Luka Modric is very good, David Silva is excellent.
"But Paul Scholes, for running midfield from a central position - there is nobody like him."
The Irishman joined the likes of David Beckham and manager Sir Alex Ferguson in praising the midfielder's impact and he hopes that Scholes will also continue donning the jersey for at least one more year.
"He probably should never have retired in the first place. Sometimes it does you good when you finish as you've had enough but then you actually miss it," Giles said.
"He was a bit in and out of the team and it was probably very easy to decide he'd had enough.
"But I think he's probably come back as good, if not better, than before. He's been excellent since he came back."
"Good luck to him."