The Ivory Coast international defender put pen to paper on a new one-year deal last month, as reported by BBC Sport.
“Toure knows at this stage in his career he can only hope to be a fourth-choice centre-back and his first-team opportunities will be limited,” former Liverpool defender Lawrenson wrote in The Liverpool Echo.
“But he is popular in the dressing room and has been around the block a few times. Given the relative lack of experience throughout the squad, such knowhow will prove useful in being passed on next season.”
Toure has been playing in the Premier League for over a decade, having joined North London outfit Arsenal back in 2002.
With the Gunners, the centre-back won the Premier League once and the FA Cup on two occasions.
The former ASEC Mimosas star moved to Manchester City in 2009, and enjoyed trophy success yet again.
Toure was part of the Citizens side that won the FA Cup in 2011 and the Premier League in 2012.
The Ivorian has been playing for Liverpool since 2013, and he remains a player who can be relied upon to get the job done.
The 34-year-old will not be playing regularly next season, but he can give valuable cover during injuries, suspensions and poor form.