After this I looked, and behold, another, like a leopard, with four wings of a bird on its back. And the beast had four heads, and dominion was given to it.
Daniel has already spoken of two empires, namely, the Chaldean and Persian. Interpreters agree in the necessity for referring this vision to the Macedonian Empire. He compares this kingdom to a leopard, or, as some translate, a panther, since Alexander obtained his great power through swiftness alone; and although it is not by any means a striking animal, yet it managed by its remarkable speed...
The date of this chapter places it before ch. 5, which was in the last year of Belshazzar, and ch. 6, which was in the first of Darius; for Daniel had those visions in the first year of Belshazzar, when the captivity of the Jews in Babylon was drawing near a period.
Commenting on Daniel 7:1-8
After this I beheld, and, lo another, like a leopard,.... Another beast, another monarchy, a third monarchy succeeding the Persian monarchy, and which rose up on the ruins of that; Darius king of the Persians being beaten by Alexander king of Macedon, who was the instrument of setting up the Grecian monarchy here intended; compared to a leopard, a smaller creature than a lion; signifying...