The event, which is held in March at TPC Sawgrass, has long been nicknamed the "fifth major" because of its prestigious nature but the Northern Irish golfer doesn't think it should be added to the sport's current roster of majors.
McIlroy – who has two Players wins to go with his five major successes – said: "Look, I'd love to have seven majors instead of five, that sounds great.
"I think the Players is one of the best golf tournaments in the world. I don't think anyone disputes that or argues that. I think from a player perspective it's amazing. I think from an on-site fan experience it's amazing. It's an amazing golf course, location, venue.
"But I'm a traditionalist, I'm a historian of the game. We have four major championships. If you want to see what five major championships looks like, look at the women's game. I don't know how well that's went for them."
However, the world number two believes that the Players has more of an "identity" that the PGA Championship – which he thinks should revert back to being played in August.
McIlroy said: "The Players, it doesn't need to be anything else. I would say it's got more of an identity than the PGA Championship does at the minute.
"So from an identity standpoint, I think the Players has got it nailed. It stands on its own without the label, I guess."
The debate was sparked by the PGA Tour launching a trailer with the tag "March is going to be major" but Phil Mickelson – who now plays on the LIV Golf tour – doesn't consider it to be.
The American golfer, who won the Players back in 2007, wrote on X: "I've won it. It's not."