Mervyn King branded the PM's deal the result of "incompetence" in government which would be the "worst of all worlds".
And he said it would let down the whole country, which is in the middle of a "deep political crisis".
In an article for Bloomberg today, he said: "If this deal is not abandoned, I believe that the U.K. will end up abrogating it unilaterally — regardless of the grave damage that would do to Britain’s reputation and standing.
"If this parliament bequeaths to its successors the choice between a humiliating submission and the abrogation of a binding international treaty, it will not be forgiven — and will not deserve to be."
Mr King said that leaving the bloc would not be the end of the world, but the people should get more than "perpetual subordination" to the EU.
Of the planning for a No Deal outcome, Mr King added: "And so Project Fear turned into Project Impossible. It is incompetence on a monumental scale."
And he blasted the company he used to work for for trying to "scare the country into voting Remain" in the referendum – and put people off a No Deal Brexit.
"It saddens me to see the Bank of England unnecessarily drawn into this project," he added.
Last week the Bank of England said the pound could crash and house prices collapse by a third if we didn't have a deal.
Governor Mark Carney entered the Brexit war with an apocalyptic vision of how bad a “disorderly” Brexit would be.
In the biggest shock since WWII, he said the economy would shrink by 8 per cent – sparking a bigger downturn that the credit crisis.
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