"Dale Steyn is definitely in the top three for me. And if he keeps going like this for the next two-three seasons, he'll hit the top. Not many bowlers have swung the ball at his pace and have had his fitness," Waqar said.
The 41-year fast bowling great is working as a mentor with Sunrisers Hyderabad in the ongoing Indian Premier League (IPL).
Waqar was candid in his admission that he was a "big fan" of Steyn who has played a key role in getting his team to a good position in the tournament with eight wickets at 19.00 and an economy rate of 5.46.
Waqar hope Ishant Sharma would live up to his potential in the future.
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The Pakistani great said unhelpful conditions in the Indian sub-continent was Ishant's bane.
"The first and the biggest reason are the slow pitches in India. They don't suit his bowling style. He has played most of his 50 Test matches in India.
"I think it has a lot to do with his action as well. He's got a hard action and his height makes it even tougher for him. At times, he also tries to do too much when he doesn't get wickets. We are trying to get him to bowl more good deliveries in a row.