Reports have linked the Scot with a return to the club as a coach having previously spent two years at Anfield as a player.
If he has half the impact he had as a player during his two years on Merseyside, then it could prove to be one of the shrewdest moves of Rodgers' tenure at Anfield.
Having signed for Liverpool when he was 35, you could have been forgiven for thinking McAllister was going to be a bit-part player, more of a dressing room figure, but the effect he had on the side was immense.
One only needs to hear the lyrics to one of the songs that still gets sung about him today - 'his derby goal, his Barca pen' etc - the two outlined there proved to be pivotal moments in the 2000/01 season when Liverpool won three cups and secured Champions League qualification.
As a player McAllister was part of a side that had a young crop of midfielders. Steven Gerrard hailed the Scot for having a huge impact on his progression and career, and his presence helped get the best out of the likes of Danny Murphy and Didi Hamann during that two-year spell.
Of course, his role at Anfield this time would be different. Back then it was more about being an experienced voice in the dressing room who had done a lot at the top level, guiding a young side.
The situation at Liverpool now has changed. Of course, there is the young side, with young midfielders and his experience to pass on to those players could be invaluable.
Brendan Rodgers is trying to rebuild a side after a poor season rather than the time when McAllister came in, and Gerard Houllier was looking for ways to progress the side and take it on to the next level.
Then there is his coaching experience in the past, having previously worked with Coventry and Aston Villa, and with Liverpool seemingly feel they need someone who has experience of the club, it seems an ideal move. It has been a while since a backroom staff appointment has got some fans a little bit excited.