Leonard, 55, won world titles in five different weight divisions before retiring in 1997 and following the antics of both Chisora and Haye in Munich last month the American felt the disagreement may have escalated out of control.
He said: "Those things do happen but there has to be some integrity and some control (from Haye and Chisora).
"Boxing always had it's drama. Is it really, really bad? Not really, but it has to be controlled for sure."
Leonard also believes boxing has suffered in the years since he hung up his gloves and that the spectacle needs improving.
"I think the major difference is the fact champions don't fight champions like they used to," he said.
"There are not enough superstars in the sport to keep it balanced.
"The top guys are Manny Pacquiao and Floyd Mayweather Junior, although you also have incredible fighters like Amir Khan and David Haye - you have guys who give boxing some stimulation, some action, drama and what have you."
But Leonard insists the problem is further-reaching than purely the professional side of the sport.
He said: "I truly believe the amateur programme has really deteriorated because back in the day we had the Golden Gloves, the Pan-American games and USA v Russia or Germany and international competition."
Leonard shot to prominence in boxing circles following his gold medal in the light-welterweight division at the 1976 Olympics in Montreal and he is looking forward to the London Games as the next breed of young, amateur boxing stake their claims for success.
"The Olympics coming to London is some exciting," he said.
"It seems like yesterday for me, although its been over 37 years. It was my springboard, it is what catapulted me to where I am today because to be an Olympic gold meal winner is huge and speaks volumes.
"I can't wait to see new faces, new champions, new gold medal winners and a great Olympics."
Leonard, whose real name is Ray Charles - after his mother's favourite singer - was talking at the launch of his new autobiography 'The Big Fight: My Life in and out of the Ring.