Commentaries:
This is a further explanation of the world-ruling empires, showing national characteristics, but this time designed into animals of the same four kingdoms that appear in Daniel 2. Instead of being metals—gold, silver, brass, iron—now we have animals, indicating national characteristics of those four kingdoms, symbolized by the lion, the bear, the leopard, and the beast that was diverse from all the others.
The important thing to note here is that this illustration in Daniel 7 is a parallel of the image seen by Nebuchadnezzar in Daniel 2. This illustration in Daniel 7 confirms that the legs of iron of the Daniel 2 image and the fourth beast of Daniel 7 both exist at Christ's return, fight against Him, and are defeated. So even as the feet and toes of the Daniel 2 image will be at the time of the end, so will this diverse beast. They are one and the same.
John W. Ritenbaugh
Where Is the Beast? (Part One)
The leopard, a predator, is the among the fastest of carnivores, and with the addition of four wings, becomes especially swift. This illustration describes the astounding pace of Alexander's conquest from Greece to Egypt to India. In twelve years (334-323 BC ), he subjugated by conquest or voluntary submission the entirety of the Persian Empire and then some. This feat becomes especially astounding when it is known that this period included a seven-month siege of Tyre and three years subduing Bactria. Along with his military victories came Greek or Hellenistic culture and language, which later paved the way for the spreading of the Gospel throughout the world.
When Alexander suddenly died without an heir, his generals divided the empire into four primary kingdoms (the "four heads"). Ptolemy took Egypt and nearby lands. Seleucus received Syria, Asia Minor, and the conquered eastern nations. Lysimachus ruled Thrace and surrounding territories, and lastly, Cassander controlled Macedonia and Greece.
Thrace was later absorbed by the Seleucid Empire, and Macedonia's power was checked by the rising power of Rome. Thus, both prophecies in Daniel 2 and 7 speak of the same divided empire, the former showing political and military dominance, as well as prophetic relevance to the Holy Land, and the latter the initial governmental situation after Alexander's death.
Richard T. Ritenbaugh
Nebuchadnezzar's Image (Part Three): 'Belly and Thighs of Bronze'