Peter Beardsley believes that re-appointing Kenny Dalglish as Liverpool manager is the only way of keeping star players like Steven Gerrard and Fernando Torres at the club.
A mass exodus is heavily expected following Rafael Benitez's departure with Yossi Benayoun expected to tie up a move to Chelsea shortly whilst Javier Mascherano revealed that he is learning Italian, hinting that he could be in line for a reunion with his former boss in Serie A.
Meanwhile the Reds' board are yet to decide who will succeed Benitez in the managerial hot seat with enquiries to Fulham yet to be made in anticipation of approaching Roy Hodgson to take charge of the troubled club.
Dalglish has told the Anfield hierarchy he is interested in making the role, which he held between 1985 and 1991, his own again and has asked to be withdrawn from the selection process, leaving managing director Christian Purslow to make the all-important decision.
Beardsley, who was signed by Dalglish in the summer of 1987, is adamant that the legendary Scot is the only man who can stop players from jumping ship and sees him as key to keeping the key duo of Torres and Gerrard at the club in the long run.
He said: "I'm not saying he would be a massive success straight away because there are a lot of problems at Liverpool.
"They are not Kenny's problems but they need to be resolved - the Steven Gerrard issue, the Fernando Torres issue - and I think you would have more chance of keeping those players if you had a hero like Kenny in charge of the team.
"You look at Torres and he probably came to Liverpool on the strength of watching Dalglish as a player, and Gerrard grew up watching that team.
"So I would think you'd have no problem keeping both of them if Kenny Dalglish was your manager."
Despite Dalglish's bid to regain control of the dugout, and countless of glowing testimonies from former players and coaching staff alike, Hodgson still remains a firm favourite with the bookies to be offered the job.
Beardsley, 49, spent four years at Anfield before joining local rivals Everton for a two-year stint and feels that the despite 62-year-old's feats with Fulham, he would not be a good appointment for Liverpool as he does not have the same love for the club as Dalglish
"Roy Hodgson is obviously a great manager and has proved that with Fulham and all over the world, but I wouldn't look further than Kenny," he added.
"I played for four years under Kenny and won the league twice and the FA Cup. He gave me his number seven shirt and to wear it for Liverpool was special.
"We were not able to play in Europe in those days, so what he did in my time at the club, and winning the double before I even arrived, was sensational.
"I can't speak for the people of Liverpool but I know the fans would love him and when I look at him, his football knowledge and his football mentality, he loves the game.
"What he means to Liverpool is sensational and I would have no qualms about giving him the job."