The former England manager turned TV pundit says Liverpool can be stronger but in a different way to last season.
Liverpool are set to receive £75 million for the striker that scored 31 goals in 33 appearances last season as he heads to Barcelona.
Despite describing Suarez as irreplaceable, Hoddle says the Liverpool squad can emerge from this transfer window stronger, but in a different way.
He told Sky Sports News: "Liverpool’s a big club and there’s no one player bigger than any football club in the world. Liverpool have proved that over the years.
“Brendan will go out and try and replace him with probably two or three players. He’ll have to look at it differently because you’re not going to find another Suarez to replace what he’s done.
“Maybe really two or three really class, top players will add to the squad and will make the squad stronger in a different way.”
The worry is that Liverpool could end up spending the money raised from the Suarez deal unwisely, and having an ultimately costly season. Some say if Suarez was available for the opening five Premier League games of last season - where Liverpool picked up 10 points - then maybe they would have got over the line in the title race.
Liverpool have already made three signings this summer having signed Rickie Lambert, Adam Lallana and Emre Can - with Lazar Markovic and Divock Origi are reportedly close to completing their moves to Merseyside - though Origi will join the Reds after a season-long loan spell at his current club Lille.
If Brendan Rodgers were to bring in another two or three top class players along with the targets and those already signed for the club, it could take a bit of time for all of those players to integrate, and the Reds won't want to be playing catch up early on in the season.
Defensive reinforcements are required for Liverpool, but they will no doubt want a forward of good ability to at least fill some of the void left by Suarez, as Rodgers will look to mould his side to cope without the influential Uruguayan.
Some will point to the example of Tottenham from last season after the sale of their star player in Gareth Bale, and the influx of players at the club as a result. Though with the lure of the Champions League, the Reds will be hoping to attract players of higher quality, and will want to learn from their mistakes.